Ann: Trading halt , page-43

Some very poor quality income in a below expectation result:

$274m on revaluing own debt downwards due to blow out in credit spreads

$197m from financing acquisition of preferred securities (don't quite understand this one but looks poor quality)

Nick Moore's bonus is $2.1m so that's a huge saving on last year. Total employment costs down 44% so overall bonuses have been decimated. Have to give it them - they have done the right thing when it comes to cutting bonuses to match performance.

If market picks up on the first two points above, I can see the share price going sub $27 given capital raising. Will be very interesting to see where capital raising is pitched given poor financial results.