Ann: Early Resolution of CPS and Pro-rata Offer Presentation, page-30

Hi Justin, I accept in the last 8 or so years the share price has taken a beating and rightly so. Australian TV networks have had their heads buried in the sand for too long.

The good news is that the SWM board is awake from its deep sleep. The massive write offs reported earlier this year, the early conversion of all convertible preferences held by SVW - a year earlier than the redemption date - clearly shows that the board is getting the house in order.

All goods signs, just a little more time is all that is required.