enlighten me, page-4

G'Day Folks

The Administrator is currently trying to sell the last remaining part of the Commander business. They had sold it, but unfortunately the deal fell through. So they are trying to again re-sell it. Unfortunately this is not the best environment to try and sell a business into.

My expectation is that there will be no payout for shareholders. The banks have first rights to any recovered monies and my expectation is that the Banks will not come close to getting their money back. So by definition all shareholders will unfortunately miss out. From memory Commander had a loan from Westpac, well in excess of $200m.

My expectation is that this will all be resolved, one way or another within the next four to eight weeks.

Regards

Tails