MEDIA REPORTS, page-1430

Lev20, I'd say it would be below 400m if all asset sales went to it, earning are ok and costs are controlled.

My compare was end 2019 half. Just shows how nine has same debt, but generates more revenue using it.

I notice they are increasing debt, whilst swm is reducing.

Swm prob smarter move if corona virus is with us next year, which I believe is case.

Swm with lower debts, will have the same ratio as nine then. Just shows swm has assets wether property, or business units not yielding revenue at the same return.

Ie wa papers. Hopefully they kick that away as its 9%, in real terms probably 5%.

Then if they can merge with prime, hypothetical, they will have greater revenue than nine.

So prime and swm match up, will completely change swm.

I do feel good times are ahead, hopefully we are at bottom, today real tight volume at just 3.2m

On the buy support at 9.3 with 1.3m and sell pressure at 10 with 1.4m

Maybe our range will be 9 3 to 10.

It does need to hold here, or 8c will be seen.

Nine has been off, falling 1.66 to 1.33, so it's not a swm issue.

If one looks at charts both changed direction on same day. So it's a sector thing...