Ann: 1H19 Media Release, page-40

Yes, I'd be sure the market reaction has taken them by surprise. It was savage and it may not be finished yet.
Got to be instos exiting and I think there are three things which have spooked them: (1) Failing to exceed the comps (2) The audit qualification by a Tier 1 auditor and (3) The uncertainty over the AASB to apply to the value of the PDL's. And let's face it, this is a difficult to grasp concept.

My little pea brain looks at the cash generated because you cannot fudge that. Then I am relying on their much vaunted careful analysis of what they buy, from whom and what price they pay. They list this as a competitive advantage so I am assuming the value of the PDL's must be there and it isn't just a hollowed out, overstated asset.

I'd be thinking Keith will communciate with the market several times before 2H results and he has a number of SP boosting catalysts. For example, he hinted around the possibility of increasing the PDL's above $80m - at one stage he said "we are 99% there". The market would see this as a positive.

I have confidence in them meeting guidance and realistically this should rate the company at $3.50 - I bought today but wasn't lucky to be bottom fishing.