don't understand, page-11

Hi everyone,
Just to add to whats allready said,
The SP is low because the market feels Stokes will spend the cash on "Bad" investments and lose it all. Remember he did buy WAN, ENG, GRD and probably TLS at prices higher than what they are now.
Another reason the SP is trading at a discount is that there are rumours that Stokes will take SEV private. Don't really understand this logic but that's what I have read. Perhaps someone out there can explain this logic.
Thirdly, it is the financial year end. Shares that have lost value over the last year (like SEV) tend to lose even more.
My feeling is the only way the SP will rise is if Stokes agrees to a capital return...and we all know this aint going to happen.
Stokes is a smart operator. I still remember the time (in 2001) he did a capital raising at $7/share (saying SEV needed the money) then soon thereafter when the SP dropped did a share buyback at $5/share!!!
hih
"In life there are winners and losers"