Ann: Appendix 3Y - Andrew Abercrombie, page-6

It's truly amazing this is trading so cheap compared to others in the sector.

Can only surmise it's the legacy leasing business and the large ownership stake of AA holding this back.

I'd love to see the leasing unit sold although obviously don't want a fire sale, just have to wait until a good offer comes in, that will really change the valuation metrics people are using on this IMO, would also free up the balance sheet even more, we would have substantial growth capital to move more aggressively in overseas markets.

RJ and AA know this and are openly awaiting any opportunities in this regard, fingers crossed an offer gets lobbed very soon, likely not in the next 30 days though with AA dipping his toes in multiple times, would not look good if anything material were to arise in the next month so you can be certain all will be quiet for a while.