Ann: Appendix 4E and Annual Financial Accounts , page-11

re: Ann: Appendix 4E and Annual Financial Acc... KCN crashed and burnt 23% the other day and the market had been aware for a month that an impairment of $320M was upcoming. So the "the market has already priced in the impairment" argument is void in this scenario.

Next week the market will moreso be looking at the significant cash related items of the report and determine if it warrants the current market capitalisation.

KCN and SLR share roughly similar market caps at the moment, and KCN's pre-tax cash profit (excluding impairments) was $17M, while SLR have posted a pre-tax cash profit of $32M. Bearing in mind that significant capital was poured into Murchison this year, its quite a respectable report by SLR. I wouldn't be surpised if the market pushes this down into the low 90s on Monday, but the trading shouldn't be anywhere near as savish as the 23% fall that KCN copped.