explanations, page-15

2ic - all good points

My 2cents

* Divs or reinvesting divs into business to fund capex are both good in my eyes. Sure, divs are good for cashflow as a investor but since capex goes straight into RAB.. its earning income from day 1 (so the analyst presentation says)

* SKI has successfully refi large amounts at good pricing even at the height of the crisis. It is obvious that instos/banks out there want to lend to this company

* Avg broker price target post half yearly is $1.5. They all cant be wrong

* I see this stock floating around 1.2 to 1.35 range until $225M refi is completed and rating returned to stable

* The underlying assets are very good IMO - SA / VIC are predicted to be high growth areas

I expect divs to be cut to 10cps