Ann: Appendix 4E and Annual Financial Report, page-11

Welcome back Rothbard! Yes, there has suddenly been some real action. A large buyer. I have the feeling he’s prepared to pay a bit higher then he has had to, but a few sellers have been accommodating him thus far.

The tone in the annual report just released struck me as a little more positive than at the results announcement. Interestingly the chairman this time made reference, along with potential for further disposal of non core assets, to possible “strategic acquisitions”. Now, as you know, Tessa has a (perhaps far fetched) theory that something is in the wind with Safe Directions…she can smell it whenever she turns her nose to the north! Was that the first hint? A bit of scale would be just what we need.

Still, I agree that with or without that SRH seems well poised. We just need to post some decent profits, and the share price could seriously take off. Tessa has put her butcher on notice that, after a year of reverting to dog biscuits, she anticipates being in a position to once again be ordering his choicest meaty bones not long after the next interims are announced.