Ann: Update on Impact of Queensland Floods, page-5

Here is a cynical view not out of the realm of probability.

I suspect Joe and his team have a clearer idea then the rest of us on the impact of these floods on asset values, insurance as well as revenues - at a minimum they would have range. Management are being paid primarily by Joe Lewis to assist him in keeping sentiment down so that the creeping takeover can continue at 5% a year at suppressed prices ... will minimise any takeover premium by reducing shareholder base and in time will allow for a low "premium" bid to mop up the remaining shares ... will then de-list and be run properly or will be broken up for a large profit. Existing management will be handsomely rewarded (post de-listing) for being complicit in a transfer of wealth from small shareholders.