are we a bargain?, page-29

G'day all,

In relation to the announcement today I pose the question to the floor.

No where today have I read of a .28c per share dividend to be given shareholders. So please update me of any official news to the contrary that I have missed.

What I wish to highlight is the announcement today did state that a substantial return to shareholders is to occur; the figure in the announcement is up to $100 million dollars.

So I ask could that be in the form of:

a) A dividend.
b) A share buyback.
c) A share re distribution.
d) A combination of the above.

Until an actual figure of a dividend per share is announced, then hence you are seeing the shares traded at a discount to the calculated amount of .28 cents per share (being $100m/364m shares).

IMO I believe that it (distribution of $100 million to shareholders) will be a combination of at least two things mentioned above. Also don't forget the company has to pay 30% tax on those distributions as well which needs to be included with the $100 million.

Hence the unpinning today of the share price given the uncertainty of these factors. Oh yes let?s not forget it (the deal) has still to be approved (ratified) by all shareholders.

Cheers Aussie