Ann: Response to ASX Price Query, page-54

LOL, how much do you want a USD $205M MC company to offer a now $235M MC company? Their first offer was 70c. Based on the announcment their offer was made probably around mid feb when the SP was around 30-35c. So over the last month, the Innodata SP has dropped almost 38%, so obviously their insiders aren't too happy with the deal.

Therefore, since they made the initial offer of 70c, their 'currency' has depreciated by 38%. If they want to maintain the same dilution of the offer day, the real offer is 70c x 0.62 = 43c. Now the SP is currently $1.08. Can they basically triple their offer to even take this where the market currently valuing? And then of course retail wants a premium. 2 bucks you say! Great that's 5 times their original offer using their original' 'currency' of their scrip.

Sure retail and the markets might froth this more but shorters can now see the offer and the suitor and they know its not going anywhere. Current analyst valuations are around 60c.

Giddy up!