Ann: Sale of Wire Ropes Business, page-12

Asteroider,

I share your concerns for our national competitiveness. At least the site and employees are being retained by the purchaser and perhaps this business may have a LT future within Australia under different ownership.

The LT value may be where you estimate. The problem for ARI is that they are in a corner and focusing on Short Term issues of debt repayment, covenant cover and survival. Yes , this is largely due to their own capital allocation and mis-management over past 6 years.

IMHO , ARI have done the right thing here for the Short Term and as a shareholder, I am glad they have acted.

FT