is a take over close?, page-14

Companies that have had cash-flow and debt problems trade well below it's NTA and book value. Obviously the risk of default is the concern.

The ATO win and partial sale of forestry assets together with the turnaround of futuris and rural services should put elders back on a positive keel.

If you believe that elders mngt can successfully divest forestry and futuris for a reasonable outcome, there is potentially a 200% upside and this is why elders is such an attractive takeover target. The real action will occur after full year results announcement at end of October.

At the moment, speculators and potential takeover entities are watching with interest.