All very rational and a distinct possibility but only one of...

All very rational and a distinct possibility but only one of many. I for one like a contrary view and I am sure we all agree that now is a better entry point that our original one.

But like your comment that earn out payments may come back to haunt PSZ, that's one possibility but acquisitions and re-rating are another.

Personally I think a lower dollar (and lower still with a 7 in front!) makes for the best local retail outlook for 5 years.

The AGM is Friday so if there is anything definite we should learn then.