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Markets live transcript 5 Aug 2009

Posted by Tracy Alloway on Aug 05 10:59.

Markets live chat transcript for the chat ending at 11:51 on 5 Aug 2009. Participants in this chat were: Tracy Alloway, FT (TA) Paul Murphy (PM)

TA:

Hello there
TA:

It’s 11.00
TA:

The advertised time for Markets Live
TA:

From FT Alphaville
TA:

We really needed to get a grip
TA:

This is Tracy Alloway, by the way
TA:

And I’m seizing control
TA:

Hopefully Murphy will be here soon
TA:

To share his alleged pearls of wisdom.
TA:

Hopefully
TA:

Maybe
TA:

Fingers crossed
TA:

And toes
TA:

And?
PM:

What are you doing?
TA:

Just starting Markets Live, because it’s 11 o’clock, when you are supposed to start ML.
PM:

Er, fine.
PM:

But you know that’s a dangerous thing, doing things on time
TA:

???
PM:

Confuse the readers.
PM:

At the moment – up until you put your oar in
PM:

The readers had certainty.
PM:

They knew id be late
TA:

So you want me to get off here??
PM:

No, no
PM:

Please
PM:

Bryce couldn’t make it
PM:

So Tracy has valiantly stepped into the breach.
PM:

For which we are very thankful
TA:

So what shall we discuss?
PM:

Need to get on – cos I need to log off early
TA:

Where is it today, Mayfair? City?
PM:

Ive got a double luncher today.
TA:

Oh, Paul. You’ll get fat…
PM:

I know
11:05AM
TA:

People are asking for Carpetright
PM:

COME IN PROMETHEUS, YOUR STOCK IS UP
PM:

Way up
TA:

Through the roof.
PM:

rolling in shag pile
TA:

That sounds a bit disagreeable…
PM:

er, true
PM:

Anyway — carpetright is up how much?
TA:

Shares up 78.5p at 742p
PM:

LONDON, Aug 5 (Reuters) – Britain’s biggest floor coverings retailer, Carpetright (CATVU.L), said on Wednesday its UK and Ireland business returned to underlying sales growth in its first quarter, the first rise since the fourth quarter of 2007/08.
The group said sales at stores in the UK and Ireland open more than a year increased 1.4 percent in the 13 weeks to Aug. 1.
That compares with most analysts expectations of a fall and a decline of 15.3 percent in the fourth quarter of the previous financial year.
PM:

Got any analysis for Prometheus?
TA:

Yep. This is from Singer
TA:

Q1 trading update to trigger material upgrades.
_ Carpetright has announced a very positive trading update today albeit Q1 is
traditionally one of its quietest trading periods. UK sales have increased by 6.6%
in Q1, or by +1.4% LFL. Historically the LFL measure included just the core
carpet business, but it now also includes the bed business, namely where
Sleepright stores have been rolled out subsequent to Dec’08. Stripping the bed
effect out we believe that the underlying business was slightly closer to flat LFL.
Nonetheless this is considerably better than the -7% we suggested in our recent
commentary. Our H1 sales forecast for the UK business is currently predicated on
a growth rate of +0.6%, which includes the effect of owning its Bed business
outright. Within this the ‘core’ business is forecast to deliver a LFL sales decline of
5.0%. Bearing in mind we expect the Q2 period to be better than the Q1 period
(for reasons to do with weather and market growth dynamics) this statement is
extremely encouraging. In Europe, sales were slightly softer, with sales up 0.9%
in constant currency terms but down 2.8% LFL. Two stores have been closed but
they continue to make good progress in overall market share terms, with the
Benelux market down considerably more than Carpetright.
TA:

_ We suspect that major upgrades could be on the cards today, earlier than hoped.
For example, if our core carpet business LFL assumption were to change from -
2.3% to +1%, this would add approximately £4-5m to the bottom line forecasts,
equivalent to an upgrade of around 20%. Furthermore, management has
indicated that discussions with the Housebuilders and the Insurers continue to
progress and, although nothing formal has been announced today, this could
boost forecasts further this year and beyond. Clearly the final outcome at Allied
Carpets could also skew expectations, albeit some form of clearance campaign
appears likely in the near term. There is no suggestion in the RNS today that
Carpetright has picked up a stock package from Allied.
TA:

Carpetright currently trades on a Cal’ 10 EV/EBITDA of 8.7x and PER of 20.4x.
Although this looks expensive, this continues to be very attractive on a 1-2 year
view given the scope for a very steep earnings recovery. This remains a very
interesting play in our view.
PM:

Marvellous
PM:

More please
TA:

Here’s Seymour Pierce
TA:

But I think part of its already been printed over on the right
TA:

Carpetright (Sell to BUY) – Trading update
CPR.L (664p) Market cap: £446m
The group is reporting group sales up +7.5% in the period from 3 May to 1 August 2009. In the UK and RoI sales encouragingly rose +6.6%, LFL +1.4%. This marks the first positive LFL sales growth since Q4 2007/8. 14 new stores have opened during the period taking the total to 5812. In Europe and Rest of Europe sales rose +0.9%, declining -2.8% LFL as a result of the challenging economic environment.
TA:

We are upgrading the stock from Sell to BUY (Sell since 5 August 2008) for the following reasons:

1. Significant improvement in LFL’s into positive territory indicates that UK and RoI sales are starting to pick up. The business has high operational gearing and any improvement to sales will rapidly feed through to the bottom line.

TA:

2. The company will benefit from the recent demise of Allied Carpets, leading to the closure of 150 stores. Carpetright currently holds c.30% market share and could potentially gain up to 25% of Allied’s business. Management intend to spend c.£2m on marketing during FY10E to grow market share.
TA:

3. The housing market is showing early signs of a recovery. Government data showed a 1.1% rise in house prices in April whilst Halifax reported a 2.6% rise in May. Mortgage approvals additionally hit a 14 month high in June. Historic data indicates that Carpetright typically recovers ahead of the economy and performance is closely correlated with the trend in mortgage approvals.
TA:

Our forecasts are under review, but based on our current forecasts, the stock is rated at 27.8x FY10E earnings, declining to 23.4x in FY11E. Although this rates it among the highest in the sector, this will fall rapidly as conditions continue to improve given the significant level of operational gearing in the business. The stock yields a dividend of 1.8% on our forecasts. BUY.
PM:

Yeah, go!
TA:

That’s Kate Heseltine
PM:

Any relation?
TA:

Dunno
PM:

okay
PM:

thank yo ufor that
11:09AM
PM:

Wider market?
TA:

FTSE up 10 at 4681
TA:

pretty mixed start for the day, actually
TA:

Suspect Lloyds results might be behind that
PM:

Indeed, big move
PM:

after the figs
PM:

What are the shares up?
TA:

Shares up 8.5p at 92.8p
PM:

TA:

Lloyds is, umm, laughing all the way to the bank
TA:

Sorry – must improve my ML banter
TA:

Anyway, interims are out today, and what you basically have is two set of results
TA:

Proforma, which excludes one-offs, and shows a loss of £4bn
And statutory, which includes the one-offs, shows a PBT of about £6bn
TA:

The proforma, which is what everyone’s focused on, came up better than expected
PM:

Expectations were for a proforma loss as big as £5bn, right?
PM:

I still find the negative goodwill gain of £11bn weird
PM:

The bank was bust, right?
PM:

This neg goodwill is like putting a figure on cartel value
TA:

Tsk tsk Paul. You’re so negative. Just look at these analyst notes – it’s recovery time!
TA:

This one’s from UBS’s John Paul-Crutchley and Alastair Ryan
TA:

It’s all about recovery from here
With these results, Lloyds have indicated that impairments are now declining,
margins stabilising in the second half and should begin to improve in 2010 and the
synergy delivery means that the overall cost base is declining. Moreover, the
commitment to a two percentage point annual decline in the cost:income ratio
beyond 2011 should effectively underwrite a longer-term mid/high teens RoE
story.
TA:

Overall loss, less than feared
The overall H1 loss of £3.95bn was better than our expectations of £6.0bn, largely
due to the faster than anticipated unwind of fair-value adjustments which totalled
£3.7bn in H1. With a further £2bn anticipated in H2 and liability management
removing the future negative unwind of fair value – combined with confirmation
that the company is expecting a significant decline in corporate impairments -
suggests to us that any revision to consensus earnings estimates is likely to be
upwards.
TA:

APS as expected
We think APS related impairment was c.£10bn. Excluding credit market related
charges of c.£1.5bn which were offset by fair value unwinds, we believe over 80%
of impairments are subject to assets that are intended for the APS. This implies
non-APS credit losses of c.£2.3bn, below our expected annual run-rate of £5bn.
TA:

Valuation –PT based on premium to trough book value
We intend reviewing estimates in due course; we would expect the company to be
closer to breakeven in H2 and potentially profitable thereafter. In our view, with
downside risk seemingly capped, a proforma tangible book of 100p should be seen
as a floor to the valuation.
PM:

Profitable? A bank? Never heard of such a thing…
PM:

Anything else?
TA:

Just this quick one from KBW, maybe it’s more your thing, a bit more cynical
TA:

Lloyds reported a loss before tax of £3,957mn pro-forma (KBWe loss £2,542mn).
The numbers were clearly weak, with impairments higher and net interest income weaker. According to Lloyds, impairments have peaked (expected), high single-digit revenue growth will resume in two years time (and grow in the meantime) and the margin will rise in 2010 (but remain below 2%). The complexity of the numbers precludes us from giving a detailed view on whether any of this stands up to scrutiny, but the outlook statement says all the right things to confound many of the bear arguments. A positive reaction is to be expected.
TA:

Underlying. The reported pro-forma loss of £3.9bn includes a £3.7bn benefit from fair value unwind and £0.7bn of debt swap gains, so we’d put the underlying loss at £8.4bn, which compares to our £5.2bn estimate on the same basis. The difference is driven by a weaker outturn for pre-provision (£0.9bn) and impairment charges (£2.3bn).
TA:

Oh, this is good on the outlook
TA:

Outlook. A number of important items are included in a more detailed than normal
outlook statement: (1) High single-digit growth within two years, with ‘modest’ growth in the meantime; (2) 2% pa fall in cost/income ratio, with near-term reduction higher as synergies flow through; (3) impairment charges in 2H09 significantly lower than 1H09; (4) margins to increase in 2010 (but to remain below 2.00%). Of particular importance is the impact of the net interest margin as we transition through regulatory change, and we await further details from the meeting.
PM:

cheers for that
PM:

bored with banks
11:15AM
PM:

Tell you what
PM:

Monkey is so on the money
PM:

This market is SO waiting to crash.
TA:

Evidence?
PM:

PM:

sorry
PM:

PM:

actually, no, this
PM:

PM:

It’s a “Man candle”
PM:

ntroducing Paul Smith MAN, a strong and masculine fragrance which embodies the very essence of British Elegance and sophistication. This sensual scent was designed for the man who knows he is – he is daring, playful, cheeky and exudes self-confidence.
The fragrance’s three facets blends together to create a unique identity, which will stand out in a crowd.
The opening mixes a sparking blend of yuzu, bergamot and anise providing a surprising tonic sensation.
TA:

Surprising tonic sensation?
TA:

Ooooh
TA:

Perfumed man candle
PM:

Society must be really screwed up if Paul Smith can sell man candles with a straight face.
TA:

I think you are trying to be too blokish Paul
TA:

I think you are trying to compensate for the fact that Neil is away.
TA:

Candles are nice.
TA:

Not sure about man candles though
PM:

35 quid for a candle??
PM:

Actually, its 35 quid for a candle minus grammar.
PM:


Paul Smith MAN perfumed candle is presented in a highly contrast black glass cylinder container with the vivid yellow and white branding.
PM:

PM:

Taxloss, please
TA:

Right, I am tempted to let people keep talking about man candles
TA:

So I can zap someone for the first time
Warning to rude and abusive commenters – your ability to comment will be terminated immediately and permanently, without warning. Henceforth, FTAlphaville has instituted a One Strike and You Are Out policy. We’ve had enough. We are going to clean up these pixels once and for all.
TA:

But we should move on
PM:

Zap away, Tracy
PM:

Zap away
11:20AM
TA:

I have an exclusive to share with readers.
PM:

An exclusive? Oooh.
PM:

Do share – but wait till I a mo while readers their spread betting firms on the line.
TA:

Zopa.com has, this morning , crossed the milestone of £50m of loans between its members.
TA:

This is banking for the future.
PM:

I can’t find the ticker
TA:

It’s not listed
TA:

It’s a social finance service
TA:

Social lending – site where people can lend and borrow money from each other.
TA:

It sidesteps the banks.
TA:

And this morning it has just crossed the £50m mark
TA:

Cause for celebration, no?
PM:

Scented candles? Communist lending?
PM:

This is Alphaville
PM:

And Sam said your boyfriend’s a Tory.
TA:

More conservative than anything else…
PM:

This Zopa Man candle rot has got to stop.
TA:

Well, im going to give them some publicity.
TA:

It’s cool
TA:

TA:

Zopa was started in the UK by a group of very experienced financeheads who believed there was a better way.
TA:

Lending and borrowing is pretty simple when it comes down to it: somebody lends and somebody else borrows. We’ve made a few small tweaks to this time-honoured method, to ensure everything is safe, secure and legal.
TA:

There’s no smoke and no mirrors – unlike at a bank. Because banks use your money to make even more money for themselves. They lend some of it out, gamble some on the price of tin or the Yen depreciating, and invest the rest in any other money-making schemes they can think of.
PM:

that’s enough of that
11:24AM
PM:

back to Lloyds
TA:

People talking about negative goodwill at the right
TA:

As far as I can remember – negative goodwill is indicative of a profitable transaction
TA:

(or underpaying for the acquisition)
TA:

But – it can also be indicative of future of massive future losses/restructuring charges arising from the acquisition.
PM:

yeah, its want made Philip Green “Britain’s fastest man to a billionaire”
PM:

BHS
PM:

All the goodwill puffed up profits — people then put a multiple on that and decided he was a billionaire.
PM:

Magic
PM:

Coolbreeze notes the shorts getting smoked in Lloyds
PM:

I’ll say
TA:

stock now up 10.4 at 95p
PM:

Strikes me that it is pretty difficult to value when the details of the APS are not set
PM:

this stock must be up something like 50% in the space of a month
PM:

PM:

mvoing one…..
PM:

moving even
11:29AM
PM:

Tracy
PM:

You know transport stuff.
PM:

Why’s Stobart Group down 6 per cent?
TA:

Umm, actually I don’t know.
TA:

But it was up more than 8 per cent yesterday, after announcing some Spanish joint venture
TA:

Stobart Rail part of the Stobart Group, one of the UK’s leading providers of multimodal transport and logistics services and DB Schenker Rail (UK) today announce the launch of temperature controlled intermodal services from Valencia to the UK via the Channel Tunnel. The service will offer a shared multi-client train for new and existing customers of both companies. By working together, all road and rail assets will achieve high levels of utilisation, thereby enabling a commercially sustainable door-to-door solution for companies involved in the export of fresh products.
PM:

Chilled Valancia oranges. Fascinating.
TA:

Hey.
TA:

I did ask someone though – Mike Stoddart.
TA:

Transport analyst from Daniel Securities, he did some great stuff on Silverjet. – that biz class airline that went bust.
TA:

Basically put a target price of 0 on them, and lo and behold…
TA:

Anyway, he doesn’t know either
TA:

Says it’s been moving sideways for some time.
TA:

Today’s move “not outside the boundaries of the normal volatility of it.” etc
PM:

Speaking of transport stuff
PM:

Seen the Guardian front-page?
PM:

this morning
TA:

?
PM:

HIGH SPEED RAIL PLAN TO ELIMINATE DOMESTIC FLIGHTS

The government has made the demise of domestic air travel an explicit policy target for the first time by aiming to replace short-haul flights with a new 250mph high-speed rail network.

“For reasons of carbon reduction and wider environmental benefits, it is manifestly in the public interest that we systematically replace short-haul aviation with high-speed rail. But we would have to have, of course, the high-speed network before we can do it.”
TA:

“For reasons of carbon reduction”
TA:

Ha. Who talks like that?
TA:

Other than Sam sometimes.
PM:

TA:

Well, I presume this is the same North-South high-speed line they’ve been talking about for ages. So the airlines won’t have too much to be worried about, I imagine.
PM:

Not for 20 years anyway.
TA:

Ryanair and EasyJet shares are both up this morning. Unfazed.
PM:

This plastic peer
PM:

Adonis
PM:

Actually, i will shut up
11:34AM
PM:

Lots of discussion of perperty over on the right
PM:

We ahve to confess to being ignorant
PM:

on Minerva
PM:

No fresh infor
PM:

although…..
PM:

I have been summoned to see a bandit soon after this session
PM:

A highly rate one….
PM:

But i have no idea what it is about
PM:

He might jsut be bored
11:35AM
PM:

Who was asking about Drax yesterday??
PM:

Here’s a sell note from S&P
PM:

Equity analysis, not credit rating.
PM:

Margins under pressure in 2009
Following the H1 09 results, we maintain our Sell (**) recommendation on Drax
but cut our DCF-derived 12-month target price to GBp359 (GBp399), based on a
WACC of 8.1%, beta of 0.6x and terminal growth rate of 1.5%. Management
guided near-term margins to come under pressure from weak power prices, so
has hedged 95% of its anticipated electricity output in 2009 and 80% in 2010. It
forecasts 2010 margins recovering, resulting in 2010 gross profits comfortably
ahead of the 2009 level, while the forward commodity markets indicate a further
widening of margins beyond 2010.
The group remains on course to meet the targeted GBP10 mln of cost savings for
FY 09 (H1 09: GBP4 mln) and expects to report a GBP30 mln EBITDA gain in FY 09
(H1 09: GBP5 mln) relating to the closing out of some in-the-money foreign
exchange contracts, albeit offset by a cash outflow related to an increase in coal
stocks and GBP11-12 mln of additional interest costs in FY 09.
In H1 09 Drax reported a 36% y-o-y decline in underlying EPS (excluding
unrealised gains/losses on derivative contracts) to GBp25. EBITDA fell 27% y-o-y
to GBP150 mln, reflecting a 5% y-o-y decrease in the achieved price to
GBP50.7/MWh and a 12% y-o-y reduction in output to 11.4TWh. UK power prices
fell in response to lower gas prices, the improved availability of UK capacity, and
a 6.1% y-o-y fall in Q1 09 UK electricity demand (-8.2% industrial, -2.1% domestic)
in response to the economic downturn. This caused a narrowing of UK coal-fired
margins, although Drax’s margins were protected by its forward hedging strategy
which aims to deliver market level or better dark green spreads. Drax’s plant
availability fell to 84% (87%) due to a major planned outage and a one-off
unplanned outage at one unit in H1 09, but no further outages are planned in H2
09.
PM:

Ah, Bryce is on
PM:

you can always join us on the left if you fancy Bryce
11:37AM
TA:

Want some more banks?
PM:

er, what type?
TA:

The Irish type?
PM:

go on
TA:

Allied Irish Banks specifically
TA:

AIB
TA:

John Holmes of KBW – feel for this guy
TA:

1H09 first glance
The reported pre-tax loss came in at €872mn versus our forecast of a €75mn
profit.

On an underlying basis, we arrive at an underlying pre-tax loss of
€1,508mn vs KBWe €925mn, driven by higher loan-loss charges and goodwill
impairments on M&T (€200mn) and BACB (€45mn). Our main takeaway from
these results is the rate of deterioration of the loan book, with disclosure implying
a near doubling of LLCs in 2Q vs 1Q. Moving forward, we continue to see
ongoing developments in the formation of NAMA and ongoing pressure on
pre-provision profit as key drivers for the stock.

TA:

1H09 results. Underlying loss per share came in at 164.4c, versus our forecast of
100.6c. Gains on the debt buyback (not included in the underlying) totalled €1,161mn
pre-tax, of which €623mn was taken via the P&L through other income. We include
the €245mn goodwill impairments within our underlying earnings.
TA:

Acceleration in impairment charges. Loan loss charges of €2,396mn were well
ahead of our forecast of €2,025mn. AIB had indicated in May c€800mn of charges in
1Q, implying a roughly doubling of impairments to c€1.6bn in 2Q. Impaired loans at
the end of 1H09 reached 8.0% versus 2.3% at the end of 2008.
TA:

Strong costs control. Adjusting for the gains on the debt buyback, we estimate
underlying pre-provision profit of €1,115mn, slightly ahead of KBWe of €1,078mn,
driven by better than expected costs, down 13% YoY.
Net interest margin. NIM came in at 2.03%, versus KBWe 2.04% and 2.22% for
2008, reflecting margin pressure on the group’s liabilities.
Capital ratios in line. The core tier 1 ratio (including government prefs) came to
8.5% (versus KBWe 8.4%). We estimate an equity tier 1 ratio (ex government prefs)
of 6.0%, versus KBWe 5.9% (5.8% in FY08). NAVPS came in at €8.9, below our
forecast of €9.1.
TA:

Outlook. The operating environment for the rest of 2009 remains ‘extremely difficult’
with weak loan demand and strong competition for deposits. Given the revenue
environment, the focus remains on costs. No update has been provided on
impairments, with previous guidance in May forecasting €4.3bn of charges in 2009.
PM:

hmm — thanks for that
PM:

What a mess
PM:

Stock must have gone through the roof
TA:

Ha. well, yes, actually – it’s up 7.6 per cent at 1.84 EUR
11:39AM
PM:

The rabble discussing the maglev in China
PM:

Ive been on that
PM:

Shanghai — train to the airport
PM:

It is spectacular
PM:

Recommend it
TA:

I had to take a taxi
TA:

maglev wasn’t working…
PM:

hard luck
11:41AM
PM:

Look ive got to go soon
TA:

Have you time for some quick Ferrexpo stuff?
TA:

Jason Fairclough at Merrill Lynch
TA:

Initiate coverage with BUY, price objective GBp240
We initiate coverage with a BUY setting a price target of GBp240 based on 1.2x
our Jan 2010 NPV. Ferrexpo is a London listed iron ore producer with assets in
the Ukraine. We think shares give leverage to movements in the price of contract
and spot iron ore. We believe FXPO is a compelling investment based on current
production alone. In our opinion, the group’s growth projects, presently on hold,
give “blue sky” upside if reconfigured and restarted.
TA:

FXPO gives pure leverage to a key steelmaking raw material
After a global downturn in steel production, steel volumes have begun to improve.
Ferrexpo’s iron ore volumes actually held up relatively well through the downturn
as it delivered into the Chinese spot market. We consider the possibility that new
commercial relationships have been formed that may allow FXPO to grow overall
volumes as shipments to “traditional” (i.e. European) customers recover.
RAW is market chatter – information that has not been formally tested through traditional journalistic channels (PRs etc). The story might be complete rubbish, but if we believe there is some substance to it we will say so. Either way, Reader Beware.
TA:

Huge resource, long history of production
Ferrexpo and its predecessor companies have been exploiting the huge Dnieper
river (Ukraine) iron ore deposits for over 40 years and supply local, regional and
international steel makers. Reserves support some 30 years of production and
we think that resources and identified mineralization could allow doubling or more
of this figure and or a production increase. Current production is about 30 Mtpa of
30% iron ore which is processed into about 10 Mtpa of blast furnace pellet feed.
TA:

Growth on hold for now but could be reactivated
At the time of its IPO, FXPO targeted brownfield expansions to grow production
3x. However, these projects have currently been put on hold as a result of
uncertainty about the global economy and resulting capital constraints. We
understand that the company is revisiting the projects with a view to reconfiguring
them to make them less capital intensive. Our simple analysis suggests these
projects could add up to GBp140/sh of NPV if reconfigured with 1/3 lower capex.
TA:

Everything’s a buy now
TA:

seems like
PM:

Ferrespo stock up 21.2p !!
PM:

at 179
PM:

Extraordinary
PM:

The takeover story went dead tho
PM:

Was really just a couple of Ukrainian oligarchs taking lumps out of each other
PM:

Thank you Itzman
TA:

@Rabble on the right – Not sure about shorting BA stock
11:43AM
TA:

never ceases to amaze me that it keeps going up — even after convertible announcement etc
TA:

Investors seem blind to their problems
TA:

Anyway
PM:

BA stock up 11.5p at 162P — it’s that rubbish
11:45AM
PM:

Right — sorry about this — but I have to dash
PM:

Did say that ML sessions would be shorter thru August
PM:

for various reasons
PM:

mainly to do with us being lazy
PM:

Got an early lunch to get to — first of two
TA:

So where is today then?
PM:

PM:

And then a place in covent garden
TA:

Oh, I like Cecconis
TA:

Nice Italian barstaff
PM:

hmm
TA:

and Vogue people go there lots
PM:

And hedgies
TA:

But you are kidding right? Two lunches?
PM:

Fashion meets finance
PM:

Note your post the other day
PM:

did make us all laugh
TA:

But two lunches?!
PM:

Not kidding actually.
PM:

You never done a double-luncher?
TA:

Err no.
TA:

I wouldn’t dream of have two lunches.
TA:

It’s just greedy
PM:

It’s not greed, it’s work!
TA:

Yeah, right
TA:

Maybe see you some time later then.
TA:

Though I may have gone by the time you get back
PM:

11:49AM
PM:

Right!
PM:

Thanks for joining us
PM:

And thanks for all the comments
PM:

And thanks to Tracy for stepping in
PM:

And being abusive etc
TA:

You’re v welcome
PM:

We will be back tomorrow at 11am
TA:

Sharp
PM:

See you then, hopefully

This entry was posted by Tracy Alloway on Wednesday, August 5th, 2009 at 10:59 and is filed under Uncategorised. Edit this entry.

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