not surprising news & positive outlook for '10, page-2

I think on a pure "numbers" basis, fair value is somewhere in the vicinity of 10cps at this point. Though that includes giving current management the "benefit of the doubt" in terms of past behaviour.

I also think they should have explained the status of the China receivable in the update due to its significant size and impact. Unless they have received it and burned through all the cash (unlikely) then it must be substantially overdue now. The have chosen not to impair it.

It is worth noting that despite the abnormals (assuming they have listed them all), the underlying business still appears to have run at a loss in the region of $3.5-$4m for the half year.