Ann: Becoming a substantial holder-CSR.AX, page-12

Hi Happy and Dukes

I think the reason we are undervalued is because most broking houses have it a neutral or sell.

Their reasoning is because they think we have gone over the housing peak and they expect aluminium prices to drop in the future.

Cant't understand the housing peak theory as with the projected population growth where do they think they will live in?
As for future aluminium prices, anybody who thinks they can correctly estimate future prices as with all commodoties are living in fairy land.

I just wished the directors didn't get sucked in buy back nonsense. Pay high dividends and the share price will take care of itself.

Pear