General Discussion, page-1943

I have my holding in 3 entities and have not voted yet - I will leave it to the last moment but at this stage I am more inclined to vote yes.

Why? even though I believe the offer is undervalued (I feel 60c is closer to the mark) I am still sitting on a low average from my original purchases a few years back and a further reduction in my average after selling shares in the high 60s last year - I am now looking at returns of between 580% and 800% over my 3 holdings at 50c - on a not unsubstantial $ value. I was tempted to sell back in late January/February when ESS ranged 52/54c but at that stage I did think there was the possibility of another offer - I have very little expectation that will happen now. I would probably sell out now at 52c though I doubt the SP will get there now unless there is an increased offer or an alternative offer.

I have contemplated selling out now at 49/49.5c and wearing the brokerage and a possible say 1c reduction in return if I get out at 49c - but a this stage I have decided to stick around and see what eventuates closer to the 20th. Admittedly I am risking a SP drop if the offer is not successful and no increased offer is forthcoming but I am open to the risk to see what happens - ESS has potential and I have no doubt at some stage in the future the SP would recover over 50c.

I appreciate there is a certain contradiction in my current attitude given the SP risk and not selling at say 49c but taken in the context of my average, my overall portfolio and my investment horizon I am prepared to wait and see what happens closer to the 20th and potentially wear the medium term "pain" of that decision if the offer doesn't proceed.