Ann: Appendix 4D & Interim Financial Report 31 December 2017, page-32

Auto,

fundies can be a useful tool - in providing ideas to think abt ......Montgomery is helpful in this regard.

this stock has underperformed for circa 7+yrs. the removal of the hybrids allows new management to focus on driving value:
how to inc sales?
how to inc gross margin
how to expand product offereings (f-book site shows some examples)
how to inc returns on capital

at present - the reason that this puppy trades < 50% of book - is its retruns are woeful .......

doing a sales & leaseback of property - that's one example - BUT - to drive "returns" you have to get capital "out of the business" (ie divvy / buyback)......

given management are also major holders - dressing it up for a trade sale would arguably be the best option........

hopefully we hear some news on the excess property book ...

rgds
V_H