selling all but gone dry, page-13

re: gone Its still above issue price, for a company that will miss prospectus numbers (on NPAT basis) by 20-25%....there's still potential for more downside on that basis alone.

Revised FY05 NPAT is now $9.9M. Market Cap is $143.5M (@ $1.60), that puts it on a FY05 PE Multiple of 14.5 times.

For a no-growth (or at best very smal growth) company, that's probably too high.

I don't hold.