Implant,I suspect that the asset values may have been able to be...

Implant,

I suspect that the asset values may have been able to be supported by future cashflows regardless of the level of indicative bids, however they cashflows and assumptions would need be robust if the indicative bids were short on these levels. This is because they are forecasting much better cashflows going forward as out of the money foundation supply contracts expire and they move to market rates. Even if this is so then it also supports bidders offering more than current cashflows would justify. However the market is a buyers market and getting worse for the sellers day by day. the one thing in their favour is that these assets do not come along every day so hopefully we are pleasantly surprised.

I cannot believe the level of remuneration paid to Rolfe, given it is a lot more than the departed CEO, that talent is becoming cheaper and the the poor past performance of the enterprise. He certainly needs to produce a miracle result to justify the package. I did not get a chance to listen to the half year results conference but was there anything of note come out of this? Guess there was some grizzles re his salary? Were their any questions re rumoured Arcapia rejected bid? They would be brave / foolish directors not to put any bid to shareholders given the current share price.

Yes your debt levels were spot on. Thankfully RBA did not further ease this week, but we need a deal done quickly.