I had a look to see the movements on the substantial shareholders.It indicates that they have been increasing their stake and must see value at these prices
Lazard Asset Management 14.9% up from 6.1% 17/9/07
NAB 6.7% New holder since last AGM
TEMASEK 14.6% up from 12.3% 17/9/07
Challenger Financial Services 6.3%