Ann: Rural Services Trading Update , page-33

szaba ... Elders NZ is a nice example of how Elders (ELD) words things that are both accurate, yet some might argue are bordering on mis-leading.

The theory that you state that NZ is trading OK comes from ELD in their announcement of 20/03/2013 "Elders NZ network is performing well ... ".

However, most other sources would contradict this as far as far as the casual reader is concerned. For instance: http://www.weeklytimesnow.com.au/article/2013/04/05/565726_business-news.html

In essence, still loss making (just lower loss) with accounts qualified given reliance on ELD support that their could be some doubt over.

In fairness to NZ, I'd rightly or wrongly assume that the Banks' support includes all entities so at least until the current facilities expire all is "good" if anything can be considered that with this business.

MJS