Perhaps Dixon should also be asked why QANTAS put the value of shares at the price of $4.20 when they were at the time, and had been for a while, in the $4.60-$4.70 price range. So when the new shares were issued to institutions, and then retail buyers, the price of the existing shares plummeted some 26cents. Was this a deliberate ploy to undervalue the shares so that more instution buyers would subscribe or is the book value of the company in line with shares worth $4.20 each? Yes, I got caught believing the shares should rise with the annual report and thinking that the value of the new shares would be somewhere in line with the existing shares. They could rise again on Monday. There again, they could stay down for quite a while. Interesting when you think that in the annual report every employee is not only getting a monetory bonus but also a bonus of a $1000 worth of shares.