Only 2 months ago their presentation to analysts said debt would...

Only 2 months ago their presentation to analysts said debt would be down to $135 mill by December 2003.

No explanation has been given for the 6 month timing difference.

Pretty difficult to now see any catalyst for the next several months to move the share price one way or the other.

Except of course if interest rates continue to firm then with the amount of debt ARL are carrying the impact will be relatively important.