short squeeze, page-8

Landmark is the only asset they have which is saleable. They paid $800mill for it when it was only worth $400mill. Since they took over Adelaide Bank's rural lending arm, farmers like me who were with Adelaide have now switched banks to the likes of Rabobank. Don't want to be with any bank that has anything other than rural land on its books. Banks are no longer safe. Farmers don't want anything to do with AWB. If you valued Landmark at $600mill you get a SP of $1.70 ... Its a dog running on nothing of fundamental integrity! Technically its a buy but technically it is nearing insolvency.