where to from here

Seems the AGM has failed to spark any new buying interest - perhaps slightly the opposite?

Note in their AGM presentation that bank debt is currently $230 million, and expected to reduce to $135 million by mid 2004.

Only 2 months ago their presentation to analysts said debt would be down to $135 mill by December 2003.

No explanation has been given for the 6 month timing difference.

Pretty difficult to now see any catalyst for the next several months to move the share price one way or the other.

Except of course if interest rates continue to firm then with the amount of debt ARL are carrying the impact will be relatively important.