Interesting comment from Cullen in the EDP

?When we calculated our pricing policies last year, people were talking about the credit crunch being a year away and we looked at how we could put together our packages,?

It's good to know that the company were aware of the credit crunch and took to mitigate its effects. The most loudly predicted consequences of the credit crunch were the continuing fall in commercial property values, and a fall in residential property values. Yet strangely enough when calculating the price of shares in the company last year - a company whose assets consist overwhelmingly of property - the decision was made that the share price should be INCREASED by 20%.

Completely coincidentally just a few days later someone offered to invest ?20 million in the company and Delia changed her mind and decided that, far from not wanting any of the money back that had been put into the club she wanted it all (and that will be at ?30 a share not ?25 please Peter).

Posted By: Reg Presley, Aug 19, 10:30:25