Ann: Anticipated Impairment Charge , page-58

My thoughts on yesterday's announcement for the 2 cents they might be worth...

The lions share of the write down will be attributed to European ports business. Best guess around $420M of $900M presented. Given significant quantum of intangibles attributed to this business, this is not an entirley bad thing.

A significant component of the balance I suspect will be attributed to Alinta...my best guess is that they are not managing that asset well and the regulator is remaining in the "head up backside" position whereby he continues to assume that the GFC is a figment of someone else's imagination and debt and equity are therefore immune....b@#&t%rd. This aspect will be disconcerting to the market...

My best guess is that DBCT has a book value of around $1.8Bn (and therefore will not be part of $900m !!!). If true it is a possible tool for good news ahead pre financial results announcements. Without this good news (which is a sale significantly above book value), BBI sp I think is in for a hammering...

It is possible that some good news re NGPL might be available but detail on this investment is skinny I think.

BBI management in my view are not the brightest crayons in the box by any measure. And their communication skills might best be described as novel...

On balance, I expect the price to continue to languish until management can deliver a significant transaction to the upside. If they can do that then restructruing opportunities / formats in my view are everywhere.

These are the ramblings of someone who has lost dearly and quite frankly has no idea. Use the info above carefully