Ann: Capital management and future direction prop, page-4

re: Ann: Capital management and future direct... Well interesting options. $1.45 now with more to come in time, or the HCI proposal which is $2.37 for at least 70% of your shares, maybe for all of them. I too would love to get NTA today, but given they have not sold the 50% of Baycorp, and have just received a claim from Tyco for $20m, it is going to be a long term and an uncertain outcome.

I hold a lot of these and really would like to recycle my capital (while the market is down). I will vote for the HCI proposal and if it gets up will then decide how much I tender at $2.09 post the 30 cent capital return. $2.39 is 90% of the stated NTA, and I reckon there are many stocks trading at well below 90% of fair value, let me at em!

I am also prepared to make some enquiries to see whether these guys are worth backing by holding some of my shares for the ride. I am fortunate enough to have bought the bulk of my holding at $1.30 with an average price of $1.50. So either way I am very happy with this one (makes up for some others that are less than successful!)

General happy!