Ann: Letter to shareholders in relation to Takover Offer, page-5

No surprise to see BRS reject the TO at $1.35. Overall, today's update re company is slightly better than i expected. I particuarly liked the 10.2B of booked-in revenue.

My estimates:
FY15 debt ratio 67%
FY16 debt ratio 60%
FY17 debt ratio 50%
Debt is reducing and strong cashflow ensures this continues.

FY16 eps: 14.4c which is up from previous yrs.
FY17 eps: 15.6c an 9% improvement as interest due drops along with capex. .
FY16 divs: 3.5c franked at 25%.
FY17 divs: 7.5c franked at 40%

Hence, i bought considerably more this morning but started too early. Paid 1.25av. SP briefly hit $1.18. WHAT a bargain just 5mins later but my cash was too stretched to get another batch.

I have high hopes for BRS. SP slowly recovering from the low 75mins ago. Might end up at 1.25 by day's end.

Anyone buying this morning?? Who knows the TO may be raised, or go unconditional, or both. Stay tuned.