Ann: Quarterly Investor Update, page-9

Your disclosure indicates you have more insight on these contracts than I have. I am ex credit manager, banker and debt collector so I see things from a desk point of view to some extent although 30 yrs of investing tends to give you a few clues about what happens on the ground and the cynic in me causes me to spend hours researching. What I do not have much experience with is the hidden risks.

You are right about Morgans - they have been cheerleaders and have been pushing MSV hard. Their research always reads OK but it is at the upper end of what is likely in my view. I am not heavily committed here but I do like the turnaround possibilities.