Ann: Update on Entitlements Offer , page-3

Light on detail particularly as it is all good news. Better performance and less dilution with the support of lenders. I had the adjusted value of the coy at 6.1c with the original raising terms. Obviously can't work out a new figure but those that participate should be up on what they send. Still a bitter pill to swallow for LTers but good for those on the sidelines looking for a new entry.

I would liken it to NMS but I think there is more potential for a turnaround here. Better business, more asset backing and better exposure to upturn in mining but also reconstruction occurring in Qld for example.