Ann: Chairman's Address to Shareholders , page-8

Hi Cheetah,
To buy at current price you would need to hold for at least 2-3 years to get a decent return. I think that the FY13 result will be fairly good, better than FY12 - but FY14 will drop considerably - and after that growth comes back.

I have sold around half of my holding for a good profit. I'll buy again below 6.50 in the current market, or possibly higher in the future depending on circumstances. So my sentiment at the moment is split between sell and hold.

I don't think ORL will return capital as they have shown that they can achieve very high returns - either by expanding exposure to their own products or by introducing an alternate brand to RL. The 27M from RL equates to 66 cps.

Opinions on ORL will vary because of the uncertainty of what happens after RL pulls out. Hopefully there will be some news on future plans at the next report. I expect the price to be considerably lower than today's price at some time in the future - although if the company is already well advanced on its plans for "life after RL", and the market likes what it hears, then we may already be at the low point.