Ann: Trading Update and Business Update, page-4

This update is actually pretty good all things considered. The new owners are careful to mention (but not emphasize) that this EBITDA guidance of $10-13m includes one offs so underlying is actually more like $12-$15m, which at the upper end is a decent result in this environment. I also think with some of the acquisitions and other initiatives, earnings are likely to be bottoming so I would not be surprised at all to see another offer very soon. The question is where will it be pitched and how many will take it up if its in the 40-50c range.