I spoke with Ian Jordan last Saturday and challenged him on the disappointment of the currency issue and lack of really firm arrangements on land purchase etc. He reiterated that most of the big ticket US$ purchases have been made and that the currency issue was a bit of a surprise to them but that they were investigating options in terms of minimising its "impact" on the full year results. Some of that would be possible by paying for upcoming "stuff" in AU$. Their main reason for keeping a lot of the dough in AU$ was the better interest rates. As far as the land is concerned, he was optimistic of having it sorted within 1-2 weeks and highlighted the fact that there is now a permanent person in place to deal with and that they were extremely motivated to get it sorted as well. I am buying, although the recent slide is rather nasty and the p/e with the currency losses factored out is still a bit high for my liking.
EWC Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
