well the truth is partly revealed, page-12

This stock has been hit by very strong bad sentiment given RAMS, Centro and MFS. Fact is their business is very sound and it is clear the company does expect to release an excellent proft announcement on 15 February. It is clear that the margin call decision occurred when the stock dropped to 2.38 yesterday, and was exercised today despite a rising market.

Think what would have happened to the share price today had that call not been exercised.

By the way, AFG has a small debt facility of $250 million to roll over in May 2008, and the next significant roll over is not to occur till September 2009- that's almost two years away. AFG will not confront any of the issues that have plagued other companies. Banks are still lending to sound businesses, and the recent decision by CBA and WBC to lend $4.3 billion to GMG confirms this. Nearly all of AFG's credit facilities are sourced in Australia.

I would say buy at a PE of 3 and a dividend yield of 20%. Nothing so far suggests dividend depletion or loss of earnings. It could easily be over $4 when the profit announcement is made.