Ann: Credit rating change (S&P), page-60

after the collapses of Gunns , timbercorp, great southern and forest enterprises there is NO WAY anyone would still be talking to QIN now . The difference is that there is ABSOLUTELY no comparison between the prices then which had fallen south BADLY for timber and the price of sandalwood .

what we do know is that in receivership other than debt holders who will not be covered for more than 40% if lucky ,noone is going to get anything more than pennies even growers with mature trees( they will be pursued for lease and management fees first as well ) . All revenue is held in a pool for payment according to priority.

Does anyone know how old the trees of the put option are? Obviously if they are ready for harvest in next three years and capitalisation is on the table for that period that bodes better for us in terms of their response .