takeover and aquisitions , page-18

Mission,

I think the crux of the matter is that in the recent past it has not been possible for Burgess to make a value enhancing deal no matter how good or bad he has been. Just a fact of the times.

As for the sp, yes we all know it peaked at around 18 a year and a half back, and even accounting for the capital return and divi's around 16, making it a full 50% off peak.

But for possibly it's closet peer PNA, it has only just recovered to very slightly off it's peak of $4.50 at the same time.

Had Burgess blown much of the cash buying say JML I expect we'd now be down another $1.50 to $2.00. And I WISH THEY HAD, as then IGO wouldn't have, and I have a far greater holding in IGO than in OZL.

Sometimes management can make good things happen, sometimes they can't no matter how good they are, and sometimes sp's rise and fall for predominantly extraneous factors.

Bad management can always make really bad things happen, and so far Burgess has imho refrained from doing anything really bad.

EL