Need some more time to digest it all to be honest. The have...

Need some more time to digest it all to be honest.

The have consolidated a number of the entities onto the balance sheet which means it is going to take time to work through.

Glenn sounded very nervous at the beginning but seemed to relax as we went through.

At this stage, I would say it was probably in line with what we might reasonably have expected. They certainly ain't bust or 'on the brink' like recent reports BUT it is obvious that the debt extensions are going to be key to buying more time to sort out the situation.

I like the fact that there is still no fire sale and this has been reinforced all along. It also sounds like they have had a number of parties interested in equity and are still in discussions with two of them. The fact that they have rejected offers seems to suggest there is no desperation either.

CER results were probably better than expected but we'll wait for the 1:30 call to be sure.