The price reflects an adjustment in expected earnings growth....

The price reflects an adjustment in expected earnings growth.

Growth is likely to be slow and difficult in the near to medium term. Within the Australian and New Zealand markets we're sitting at roughly 1/3 share. Singapore is extremely competitive and margins are slim. Our greatest growth potential is in USA where we're a new entrant. Growth there is likely to be in the form of acquisitions. That requires investment and borrowing, which will mitigate against dividends.