exs advise sol offer inadequate take no action, page-42

I am hearing that the guys at Perennial who sold down recently have left to start a new fund and the selling was merely due to them needing to liquidate their position. If that is true, they may well become buyers again soon!

Note also that Macquarie capital are advisers to EXS on the takeover defense. If Macquarie Equities pick up on how undervalued we are when the independent valuations come out and get their client base involved, we will see some serious buying interest.

I think the sellers at the moment are still those that have been trapped since the dividend and aren't really interested in the fundamentals. They will be exhausted eventually as I can't see who else would be sellers at current levels. I expect next wave of resistance to be around the 25c mark.