Ann: Market Update, page-65

I agree with your theory completely AO.

My concern ? Even should those winds blow extremely favourably - management has a track record of severe ineptitude.

Perhaps their history has been the sole, huge stumbling block on the finance front. Even then, one can only be refused so many times before becoming "unfinaceable"....

Therefore, although I do agree with your statement that it would be "less attractive to holders" to undertake the "major capital re-engineering" option leading to shelling out of the company - this may actually, more than likely remain our "most" attractive option at this stage. Encompassing management restructure / replacement.