mfs preopen, page-4

everyone knows that MFS are one of the most aggressive players in the market, well they should anyway

so to say that the market is not recieving very well a proposal that involves the word Centro is short sighted to say the least but not unexpected, there is obviously a deep value play here, high risk but high reward, so in a market that is shunning risk is it not unexpected that the share price will fall short term, however in the long term as long as fundamental value remains intact, it should generate superior returns for shareholders.

To sit there and say that the directors were naive to the fact that there would be significant negative implications of making such an offer is naive in itself, further it should be recognised that, the directors in spite of the potential negative fall out chose to proceed with the advance anyway should speak to be latent value that could be realised by performing a transaction such as this.

In any case the announcement deals with the CIY/MFS merger, not becoming Centro RE

Paul