We need to evaluate EHL with an open lens. Management have made...

We need to evaluate EHL with an open lens. Management have made a lot of sensible decisions. Especially in the current environment.

For example, they have extinguished the USD denominated debt at 9.25% and replaced it with 6.25%.

They have saved shareholders millions in currency/interest. The AUD/USD is reaching new lows recently trading at 0.68, had we kept the USD debt, they will be forking out millions more in FX losses, albeit they will have hedging to offset that but that comes at a price and hedges do not last forever.

The interest saving is also huge. The current RBA cash rate increased 50 basis and is expected to do that again in August to reach 1.85%. The cost of debt is now 440 basis above the August expected cash rate and is fixed. If rates continue to rise the discount on a similar priced note in this market is huge.

In the end management can not control the share price, they run the business, provided they continue to make decisions which generate value overtime then that how they should be assessed.