Ann: Trading Halt, page-3

Guess we will wait and see. Mind you, I thought that even at 64 cents it was going cheap. Doing basic maths on the takeover - it's earning approx 10m in EBITDA - with another easy 1million saved from Board/CEO expenses. Even with a small savings on head office costs - wages say 2% off the total (noting we already assume the 1million in CEO etc) and that's another 1.2m (63million wages bill), 10% saving on property synergies and you're looking at another million. Quickly gets up to ~13+m in earnings bought for 65m. At a 4x multiple (not factoring in of course the debt its carrying) - but still, quite cheap.