citi research report, page-3

Yeh, had a read of the report Rob ......and whilst i agree the valuation appears low, it has actually increased from 80c to 85c, and maintains the same 1H recommendation, (1 meaning Buy and H meaning high risk).

Furthermore, the notes at the bottom of page 38 suggest to me that Citi may still be involved in the Cap raising and most likely had a hand in the noble debenture, thus it is understandable that they should be conservative in their valuation.

Agree with Garn re: price and long term outlook

GS