Ann: Half Year Financials 31 December 2013 , page-4

Taipan,

As always, I appreciate your thoughful and informed analysis, and your willingness to see some potential glimmer of sunshine in this.
I am well aware that the writedown of the DTA is just a book entry and is probably forced by the Auditors given the questions of ongoing viability, but my negativity is based on the overall "set-up nature" of this release - after market on the Friday before the week in which the company is meant to come back out of suspension ( I expect we will see an extension to the suspension until the "final BIG announcement" is made").
My reaction is because in these accounts I see the Board have furnished the exuse for them to accept a low-ball takeover bid. At 9.45cps they can say "well its just the NAV", at 8.5cps they can say "well its a 10% discount to NAV but given the issues on cashflow and debt it's "fair and reasonable" we recommend it" - job done, no liability on us.

I see the announcement as a set-up for what is coming. I had hoped that the 10% stake that ACG & SDB have would have at leaset forced a bid of 12+cps - but now with this set-up announcemnt I fear they are willing to give it away at a much lower price.

I hope I am wrong and a half decent outcome can still be achieved, but I am now just preparing myself for thse size of my loss on this one and looking for opportunities on other things.