Ann: Investor Update, page-4

I haven't spent teh time looking closely lately as haven't had time

Not sure as IMO it seems to be run as a private show and major holders are in unison and control so unless they want investment ( unlikley unless they find something to purchas ethey can't finance) it won't get much interest and no broker coverage as no $ in it for them.

Could be a quiet achiever if the current car parks are on good margin and as contracts roll they keep margin or increase it ( hard with competition discounting IMO) and subsequently pay some $ out but ATM they see better value with buyback - in theory same as dividend without tax issue as you end up with larger portion of profits going forward. If tehy can't provide franking better to do buybacks IMO and people won't notice extra value created.

All based upon if they buyback mpore shares than they issue to themselves in benefits and bonuses other wise same same !!!


IF ecconomy in countries they are in doesn't improve there IMO has to be a slowdown - UK is on knees with 10% inflation and no extra household spending happening