Ann: Quarterly Activities Report, page-11

I've re-read the quarterly and cant see anything shocking or surprising. When WHC downgraded their guidance, NHC followed suit assuming we were going to be impacted much the same from the wet weather (which we were).

With $1.8b in cash, plus $140m in receivables, that gives us just under $2b. Minus approx $500m for dividend payment, which leaves us with ~1.5b in cash. We are easily supporting a $0.80c FF dividend in the next half which will cost approx $700m (depending on how many shares are cancelled from the BB).

This (alongside WHC) are extremely cheap at the moment. I cant understand whats not to like about these companies.

Edit: And this doesnt take into consideration the potential upside from New Acland