good value?, page-7

Nomads.
Agree, bad wording from me. Wrote the message at 6am after 4 hours of sleep. What i meant was that the SPP took care of the possibility of breaching the bank covenants [i doubt they would have but the market expected a SPP so management did what they had to do]. There is always the possibility that the dividend will be reduced but even a 50% reduction would make it 8% yield before FC. Will definitely hold for the August results. Instos took the SPP at 1.15 so this must start looking like a good value to them again?