When do the resignations begin ?, page-64

Risk can be measured and assessed in many different ways Ash.

Some may think that the absence of final regulatory approvals and finance is a risk (which it is).

Others may think that an obsolescent plant, high input costs, inability to obtain gas supply, exposure to natural disasters, and poor management is risk (which it is). Our investment decisions are all based on the risk and reward that each investment offers - risk is in the eye of the beholder !

There is a lot of uncertainty with IPL at the moment, but I've set an entry price for this stock; we aren't quite there at the moment, but even at these levels there is value.

You shouldn't take things to heart, I think the criticisms are directed towards the management and their ability to maximize and drive the company's potential. I'm sure that many are sick of reading her nonsense in the papers as well - I think she may have finally got the message! You can't continue to run a company like Incitec Pivot, with a declining share price and getting lapped by competitors, without changes at Board level.

As you've said "I would very much like to see some 'strategic vision' from JJ & team - where are you taking us?'' - I agree. If this was outlined and the price was at this level, I'd be purchasing aggressively.

Have a lovely weekend.