2nd quarter sales results, page-5

Hi Joe,

The problem is though that wes is doing a major equity raising at $13.50 which will seriously dilute earnings per share. They borrowed big and paid top dollar for coles towards the top of the market. They're now raising equity and diluting shareholder equity towards the bottom of the market to repay the debt. This will have a significant long term effect imo. Wow management have been more conservative and are now reaping the rewards, I believe they will continue to stream further ahead over the next couple of years as wes continue to struggle under their debt burden.

However, Goyder has managed to turn bunnings into a huge success story, which indicates he is quite capable. We'll see how he goes, he's got a lot of challenges ahead to compete with wow.

Jimmy