restructure, page-5

This may just turn out to be one of those bargain compelling bottom of the market deals. Packer would have known the deal before he got in and his average in would be over a dollar based on recent trading volumes and a reported 4.5% interest.

An 85-90c raising and I will get very interested. A $100m+ raising will take care of earnouts (about $70m) but likely less if they underperform and should bring total net debt down to about $150m very comfortable with their EBIT even allowing for one off write downs on the internet division which is a bit of a basket case.