answers required now, page-53

Damo, goodwill is stated in the balance sheet as $161m. There is no mention at this stage of what is included in the $99.5m write off. It could all be goodwill or it could include a write down of some assets. It's not so much what it doesn't say but rather what it does say. The write off whilst very large is less than the total goodwill and intangible assets.

The directors have a responsibility to value the assets of the business at a realistic value. Normally they would be valued at the lower of cost or net market value. If they have done this then they are telling the shareholders that the carrying value in the balance sheet can be realised in the market which is very different to what a number of contributors to this forum have been saying especially about the vessels.

It will be an interesting read tomorrow - that's if it happens !!!!!!!!!