It was a better set of numbers than I was expecting. The drop in revenue in my opinion wasn't too bad when you take into consideration what they would have lost due to the Olympics being televised on Channel 7. In some ways it's good to see them writing down goodwill to what was probably always a more realistic figure. Not good for the balance sheet but it'll be good to get it done and move on.
It'll interesting to see if it's enough to entice the Shorters to reduce their positions. Other than that I think that around the current price NEC is probably close to fair value. At least until we start to see a bottoming in advertising revenue declines or a reduction in License Fees that may happen in the next budget (May if I remember correctly).
Ann thoughts, page-2
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| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
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| $1.29 | 25886 | 4 |
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