Ann: Update and Portfolio Valuations-PAC.AX, page-6

I've had a chance to look at this in detail and don't like it one bit. How can we not go down substantially today? Effectively the new team have taken the axe to our net equity position and sliced off close to 27% of it!

In any decent society those that caused this "balls-up' from loose deals in the past should be brought to account....named and shamed at the very least.

Money managers???? Bulldust.

The recently announced salary package for Tony Robinson includes a salary of $300k plus "a short term incentive of up to $300,000 is available" - all carrot and no stick!

And by God the stick surely needs to have been taken to management past!

The 1H result when stripped of the “underlying profit” rubbish was a loss of $10m. I cannot see them returning any kind of profit for 2hFY16 and when the impairment is factored in we could have a 2H loss of $60m to $80m.

Based on this BV at June 30 will be $5.27 to 5.99...not much higher than present day SP.

I'm out! The clowns have taken control of the circus.