need some math skills, page-13

few points:
1. turning a company around takes time - usually 1 to 2 years minimum. In this environment probably longer.
2. writing an investment down to market value is prudent rather than being oblivous and bleeding slowly. MJ has stated publicly he won't sell at book value as its too low and dont' need to now that the company is not distressed.
3. not sure what your on about re: SPP going down to 15 cents due to consolidation. This makes no sense as the company value doesn't change. If anything admin costs come down, as stated by Elders.
4. earnings are in line with forecasts, slightly above in fact. this is great news hence the share price is not at or below SPP levels.
5. the insto raising is at the expense of small shareholders? hardly. there wouldn't be a company if it wasn't for elders. blame previous management / CEO rather than insto's.