Ann: Combined Form 603 and Form 604 , page-4

problem is too many punters in the australian market for short term gains - happy with 10% for a week or 20% for a couple of months ( and not achieving that with every trade). Not enough want to buy into these companies and treat themselves as part owners for the long haul. Unfortunately lawyers and the takeover legislation create an enviroment of short term thinking by penalising directors for being too agressive in their defense of takeover bids particulary when share price have a short term fall after a bidder walks away.( not including billabong and the like) The success of this bid is going to depend on teh big insto's