A Lean & Hungry TPI will improve SP, page-3

You make an excellent point, Malay, about salaries across the broad spectrum of positions. I took the effort to read the AR and the remuneration report. Just have a look at the total first line management collective salaries and related expenses. Each division head plus a few others command the near salary of a CEO. This is not a sustainable mgt structure and I'm quietly confident that the new CEO will recognise this, if he hasn't already, as witnessed by the most recent departure.
I'm not game enough (like you) to pick a future SP but, in the right management hands even in some time frame less than the long term, the SP should be many multiples of the existing SP. This precludes, of course, the possibility of a T/O which would be on my radar screen right now given the Aussie $ and the industry leadership position.
Accordingly, I've changed my sentiment from hold to buy. Cheers.