17.5c, page-13

Hi daleg,

1) no I don't think they are. They are far too vague about their plans. To sit on a company 50% in cash and only willing to possibly spend 10% on capital management like a buy back with the stock always at a big discount to NTA is unacceptable unless they can convey a brilliant alternative investment plan which they have not.

2) probably because Nicholas Bolton is content to have his wealth in this vehicle due to the deferred tax losses so long as he can more or less control what the company invests in. He probably doesn't care much if the stock trades at a discount or if it pays no dividends. He probably just wants something where if he can make large capital gains there will be no tax to pay for awhile.

If your point is that OCP are doing a much greater job of looking after shareholders I agree 100%. I was just trying to make the point that sometimes if a bidder withdrawals their bid it can be a disaster. In this case I don't think the stock would fall by a huge amount from this level. Now people realize the NTA is a lot higher and here are deferred tax loss and franking benefits, at least his situation has put the stock under the microscope a bit more and highlighted value.
I am certainly not siding with he current board but just saying it may not be a disaster if OCP go silent again from here.
My best guess is this has a long way to go. OCP to up their bid more, KBC to up heir buy back in line with any increased bid. In the meantime other parties are watching. Geoff Wilson tends to like these situations and was in this stock awhile back. Could his funds use the tax losses, and maybe somehow their premiums to NTA for some sort of scrip bid?