Ann: Becoming a substantial holder , page-8

MM

I have been chewing away at this one today. Not much scrip available at the lower prices but worth being patient IMO.

I can't see why the market is pricing it so low, maybe I am missing something? Its certainly a rarity on the ASX in that it has had very little comeback from the GFC lows.

Worst case senario over the next two years is no topline growth, buy back the convertible notes decreasing the interest charges, continue to increase the POR, a special dividend perhaps or some judicious timed buybacks.

In the meantime we pick up an 8% yield.