At 11c, the reported NTA held up better than I expected. This...

At 11c, the reported NTA held up better than I expected. This reporting period was always going to cover a wash-out period of past problems. Take out the one-offs of $15m and underlying profitability was good. The integrated trading set-up got underway at year end and holds that promise for the year ahead, plus we've finally started to receive capital repayments on the Panthers loan.

The current year is the one in which the new mgmt will prove itself, or not. I'll be watching closely.