Ann: Half Year Report - ASX Release, page-16

It's certainly a different investment opportunity at 20c than 23c.

I think the negative reaction to the results is the content of p7 of the investor presentation. It looks as if the mindset of management as switched from being primarily focused on getting into a position to undertake capital management (six months ago) to a focus on "building significant capacity" as the industry cycle turns towards a cyclical high.

I think a number of people have been frustrated that management might potentially allocate all of the forecast free cash flow to be generated in the next two years on debt service and capex and leave nothing for shareholders.