absolutely pathetic, page-22

investor22

1. Nope. It's going to take a couple of months to work out the broad strokes, but there's no point finalising until the end of the year because the debt doesn't need to be rolled over until April 2010. BLY have stated several times that all the banks in the syndicate have responded positively. The only downside is higher interest to reflect current credit market conditions.

2. You haven't provided any proof that foreign banks want to get out of the Aussie market, so I'll ignore that. See my answer to 1 about the syndicate agreeing to refinance.

3. Firstly, there's only 580m of debt due on April 2010, so only 580m will have the new "onerous" interest rates. Most other debt not due for several years. You're correct that costs will go up, but according to company statements, the business only takes 1 or 2 quarters to shift down gears (lay off staff, reduce fixed costs) and then return to producing cash profits. Until you provide some financials to back up your argument, your statements are pretty weak. Your argument about dividends isn't worth taking seriously.

4. Maybe you should go to the website and listen to the AGM on 26 Feb. The company is already doing what you say it needs to do.

Z