acr resolved - we move on and up

Todays ann surely puts the required "concrete" around this issue and now we can concentrate on the BIG pisture.

Simple "back of the envelope" maths:

Expected generation of "free cash" to pay out the ACR noteholders over 4 years ($36m) = 9m per year. Which also equals a ROI on current market value of 25%+!

I expect them to do much beter than this as they take advantage of (a) need for social housing and (b) govt based money - $6.4bn

But, reading between the lines of the ann, I would equate our present position to be that of a goldminer who has found a fabulous gold seam but who lacks the "cash in the posket" to go buy the picks, shovels and manpower to extract it.

As they did in the old gold mining days...the first action is to pass the "hat around" amongst the present shareholders.

Once I see a detailed plan of the future I would certainly consider it carefully.

As a noteholder, I'm keen to get clarification on the repayment next year and frankly, might also consider "rolling it" into another note issue if this is what is required to get the funds necessary to take advantage of the opportunity.

What's the feelings of others here?