announcement: great story: where are the holes, page-10

well there is nothing unsurprising in their report. But.


Quite a lot of obscure ( and possibly meaningless ) terminology for quite big chunks of money.

The valuations are comprehensible, but after all, they are just valuations and you can put pretty much any number in their that you like.

The NTA per share has declined from 1.63 to 67c in 6 months. At that rate of decline, they would be worthless in, let me see, april.

Their currency management arrangements are extremely obscure. The less the better, IMHO.

Some odd things:

p 54 their largest single chunk of debt is one which expires september 09

p 57 very obscure

p 59 of presentation - "other liabilities" 461m thats quite a lot, what is it?