coming back to racional mode, page-19

shak - has always been the rationale - so tightly held they won't be able to get their hands on it.

there is no retail left 80+ held by big funds - not sure what you think but they don't make strange bedfellows.

See recently Treasury Wines change in holding Wellington in and Black Rock out - interesting what else do these two own large chunks of.

just saying what appears in print doesn't mean is what is actually going on.

JT makes the point these guys to get together spin KAR off and make plenty as a group of like minded investors / funds / holders.

They have hit exhaustion mode with retail so that's a tick - the SP has been decimated to the point that we all agree something has to give.

If you think ALL insto's and Talbot wouldn't go for much less than what they would have 2 years ago your wrong.

An economical TO - it is the economics of 2014 and the Company's position today makes it extremely economical - who holds Bob and Mark Smith there's 20 million shares - that's 230 unaccounted for two and six are retail and the remaining 200 million are owned by insto's - they will get what they want.

The Company come out and put on a positive spin to the defense of the TO and show off all these assets etc etc etc...what do rational people say - well in 5 years you have built these up and due to the 'cycle' you haven'
t been able to extract one cent of value by way of SP - where in the last 2-3 years have you been to support the asset base you now are desperate to spruik but not been able to gain traction on - we'll take the money and RUN - to one of those Bank Stocks where the CEO has no skin in the game but feels the pain of SP depression!

The 100 miilion torched at Grace has now made it game on - so at least we can thank Grace for that!