time for plan b , page-17

Yes I think they (RHL) would have to wait for year end updates or at least some time to pass to say their info is no longer current.

Why sell they have taken most of the pain already hold so that the company cannot be delisted without their approval - only value in the asset RHL have IMO.

I think the banks wont make demands whilst the liquidation process is continuing - If the talks breakdown on Futuris then they may well get a bit antsy. My view is that the banks want out of Futuris as its automotive and not a turnaround industry but a declining one - They can see that with a few things changing that Elders other business may show substantial rebound. They probably also see that getting rid of fat has a positive spin on a buyer. What they dont answer is why there is fat anyway. These guys have had more than enough time and more than enough incentive IMO to have got the elders business into a lean mean machine.

I think its just a waiting game for the banks lets see what we can offload , lets hope for a better first half or a better outlook as we shed fat and RHL will revise its offer. hope they are right but I think banks have done well to delay calling in the administrators over the past three years - they have allowed management to keep their jobs whilst they liquidate the business and then are left with a few bits and pieces to sell at the end.

Must say if I was RHL I would propose a routing of the board and a new management team - Its the only thing that shareholders still control - IMO the banks control the rest.