Ann: Investor Presentation, page-49

Yep, true on the terms thanks for the clarification.

It really comes down to a case of don't support the rights issue, then it goes down the gurgler (or risk is definately increased). Support it and its a material improvement in debt and interest cost position.

CGU's write downs, meh whatever. Just balance sheet, really only interested in CF.... Plenty of companies reval up assets and it bolsters NPAT but its just rubbish anyway.

It really is quite simple. sell 70% of your holding at above rights issue price right now to the bloke that thinks this is cheap (look at the volume), and take up your rights. You are not any more exposed than you were, but you are giving the company a chance.

Ans as a by the way, that same bloke that is buying on market is probably also underwriting the rights issue...

Pretty neat way to get majority stake in this thing if you thought it had some legs.

Long shot takeover target... Now that would be left field.