08 rerate for amu, page-25

ARW is for all intensive purposes gone. I wouldn;t be surprised to see it in administration within a couple of months. Since they umm, switched focus to the USA they had the banks support until a review was complete, supposedly at 31/01/08.

Anyway, ARW is now totally insignificant from a size perspective compared to the cash flow generated by AMU. Worth less than $5 million - 2 months cash flow. If the market still considered this a negative, well, what can I say.

I notice that the buy side has just risen above the sell side from volume. A very nice turnaround.

MJS