23.5 taken out could be ready for a run, page-5

G'Day Boys

How about the following for a couple of suggestions as to why the share price is still falling.

(a) Half the Commander business is IT based and half the business is Voice based. Amanda has put someone in charge of the IT business, who has never worked in the IT space before. The market does not like this. You can get away with that sort of background in a CEO role, but not a divisional role. The AFR article clearly stated that they believe this move is a mistake.

(b) What frequently happens when a new management team moves in, is that they identify business problems that the previous management thought they could rectify, but which the new team believe cannot be rectified. This results in write off's and write downs. The market is pricing in the expectation that Amanda will shortly announce that her and her new management team have identified a number of Commander issues which will require write off's and write downs. They have been speaking to the Operational people over the last two weeks.

(c) Can someone show me where Amanda has verified the forecasted results which Adrian had previously given to the market. If not, it is resonable to assume that those forecasted results are not going to be met.

(d) It is reasonable to assume with Hunter Hall's new management team in place at Commander, that if things were looking up, they would be increasing their stake even further. Unless I'm mistaken, since Amanda started they haven't purchased a single Commander share.

Regards

Tails