Ann: FKP Appoints Geoff Grady as CEO , page-38

NewB

Don't be too disconcerted.

You're right on the ROE point - but remember that is an accounting measure too.

If you were to write FKP's assets down to market value that would be $800m+ off the assets - mostly inventory.

Imagine what the accounting profits and ROE would look like in the future if that was the case.

That's why while its not worth $4 a share I still reckon its worth a lot more than the current price.