Ann: Results of Annual General Meeting , page-51

Blue Turtle and Poet Plus - I thank you for your excellent contributions, very interesting dialog.

With stormy weather ahead in finance markets that money trail will be fraught with some higher risk than normal. I agree on the cash comment PP and on TP's 'savvy' as well BT.

On the cash front the EU banks have to roll over 25% of their debt, that's Euro800B next year with a large chunk in first quarter. The sovereigns - even bigger at 20% of their debt maturing over next 12 months and again a major chunk early in the year so competition for funds in Q1 2012 will be extreme. This is a major challenge that will force more short term action from the authorities in the near future but it will not stop economic woes from continuing in the EMU next year and beyond.

This is part of the short term problem on the AVB SP IMO. China shows more promise with their foot coming off the brake at last. This is all top down analysis so I hope it is not considered off topic - the head winds have a significant effect.

Brilliant work and speculation guys - hope you don't mind me joining in your conversation ...TU from me for you both on all posts here.

Very best regards,
CW
DYOR&DD