NTA .47cents., page-10

re: NTA .47cents-carls Hello Carls,

Just to clear up a couple of things. I didn't say that Hewitt's removal from the board is imminent. I merely pointed out that a SMH article today which raised doubts about his position and about the posibility of a dividend reduction. Here is the link:

http://www.smh.com.au/articles/2002/11/11/1036308632553.html

In the AFR today also......, ''Clough's managing director, Brian Hewitt, signalled on Monday his future was in doubt after a profit warning by the engineering and construction group triggered a 30 per cent plunge in its share price to 48¢ - the lowest level for more than four years." By Cathy Bolt (Nov 12). Here is the link:

http://afr.com/premium/companies/2002/11/12/FFXWRHX8D8D.html

Like I said, I still like this company (and the sector) but it will probably do nothing for a while until all this is cleared up. Also, I don't know if its going to go lower, I shouldn't have been predicting anything.

I have just seen that CLO made a placement to to some institutional investors at 92cps this time last year. It raised about $32M. Now, these fellows are sitting on a hefty loss and some of them might be looking to exit and possibly take a loss. Just speculation of course (I did not say they are looking to get out), but this might be another factor that restricts short term upward movement. (i.e. stock overhang).

Cheers, J.