$aud now $1.058 usa - must be good for eden, page-16

as i write the $A is under $1.05 and falling.

the date at which the $A has to be below $1.05 is the day before the second court hearing, which is now programed for late july -2 months away.
by this time the US QE2 will have come to an end and silghtly tighter monetry polices are likely to be in place. (probalby not as tight as they should be though due to the political considerations)
the tightening of money supply and possibly slightly raised int. rates would then put further downward pressure on the $US.
what we want to see now is this letter from eden's financier's confirming approval for the loan. a decision to abort or to renegotiate will then be made by the board and announcement, we are told, will be made by end of may.

there is mention of a payment of possibly 3c. or more to shareholders prior to the 2nd. court hearing so if the deal does not occur (which is what the market quite clearly thinks), and the share price drops to 20c - total value = 23c.

having said all this - with all the turmoil going on in the markets at the moment anything is possible. eden may at this point even be looking for an excuse to get out regardless.

gk