4 goblin, page-9

re: why takeitover when it will fall apart? Yes guys, I would add that AMP did not act as a direct proxy for the FTSE today though it shed a few cents in late trade. Still its off its lows.

Re underwriters being stuck with stock I suggest the average pricing structure will produce an even lower retail price than the $5.25 implied by the institutional raising and that the mrket has already demonstrated a significant capacity to absorb stock in this company at what might be regarded as a fairly deep discount.

But it should also be noted that the pricing mechanism for the retail issue was always going to keep the share price under pressure until at least the end of the calculation period.

Not for one moment am I going to sugget that this is the end of problems with AMP, who can do that? Anymore than I could do it for any other stock. Look at other former high fliers sliding at the moment such as WES!

All I will say is - buy in gloom.