$1 on the card-no, page-81

Fair enough, they still face a challenging environment. Agree AUD will affect bottom line, the decline from parity has protected the company in recent results. A modest reversal of this now.
It's a huge call but I think the currencies are in balance. The USD v AUD is reflecting the resources bust.
To me the best way to look at is that there are currency risks either way. I like to have companies that earn in USD as it balances my income in NZD and AUD.
I don't see that they will be selling assets from here just restructuring for the lower fee environment. Watching to see if they are successful.
Seems very low risk to me, mainly because bad news tends to plateau and eventually get less worse just as sentiment reaches its nadir and speculators capitulate.
That's what's happening now although it will only be possible to call the exact bottom after the fact. The shareprice will continue to fluctuate reflecting the fact that most people who trade stocks don't know their business.