Ann: Noni B Recommends Takeover Offer by Alceon Group, page-11

I recall being a shareholder of Colorado Group in 2006 When an off-market takeover was made by ARH investments. Here are the key moments in the acquisition:

> July 2006: Cash Offer at $4.50/ share
> Aug 2006: Offer Increased to $4.70/share
> Oct 2006: Solomon Lew buys a blocking stake 10.84%
> May 2007: Lew agrees to sell at $6.20, bagging +20 million in a little over 6 months including dividends

The independent valuation was $ 4.70 to $5.25 per share. Colorado was travelling pretty well at the time and it was not a bottom-of-market acquisition.

Personal preference is to see this company continue in its present form with operational changes as flagged by Glenn Poswell. Any valuation needs to take into account the potential of the company brand, the large number (approx. 210) of prime positioned stores, the experienced in-store management and the simplicity of the capital structure. NBL is a thinly traded stock, current minority share holders have long been prepared to stay in the company for the valuation reasons mentioned above, cant see why they would change their minds now?