Lots of moves in the Packer empire last week. From AFR 29/3, page MW 20,

start quote:
What's this talk of a cleanout in the Packer empire ? Just as Nick Falloon heads for the PBL exit door after receiving a tap on the shoulder from James Packer, another key exec is set to leave. Richard Arnold, whose appointment as the Packer's financial services guru was announced triumphantly 18 months ago, will depart the joyful empire within weeks. Arnold has come to a mutual understanding with young Jamie that will see him leave the family's private company, Consolidated Press Holdings. Arnold told Rear Window yesterday he was leaving on good terms, and that the Packer's financial services strategy was in place now the Charles Schwab-ecorp online broking venture was established. As a result, there was no need for him to hang around.
end quote.

(Yates met Packer when advising Lloyd William on the establishment of Crown Casino.)

Observe the Fibonacci number of the range from 1998 low to year 2000 top. One could expect a bounce, then some sideways trading at the 61,8 % mark now.

All the new comes once again at the 28th of the month into the papers, which as I seem to recall, the 28/02/2000 was also a similar news date (i.e. emotional), so too the end of May 2000, end of June 2000 mid to end August and again end of January this year.

I would suggest, the Packers intend to grow this business into the future [don't need to be smart to guess that] solid lows have in the past often proved good entry points to long term trades [with appropriate stop loss]. Interesting to note also, further announcements of a $150 million share buyback. Such events can often be seen at more major mathematical points and will further add support at the 61.8 % level (buyback starts April 12). The PBL balance sheet is rock solid - conservative - and generates more than 500 million cash flow yearly from the three main business areas of channel 9, magazines via consolidated press, and of course its cash cow Crown Casino.