Ann: Market Update, page-7

Their biggest customer is now 61% of SIP's revenue (exclusive of biggest), and has a growth rate of about 10-15% versus SIPs of about 5 to 10%. In three years time Chem-mart might even be bigger than SIP in revenues, and this will be interesting when it comes to negotiations. I don't really think much of the guidance being at least 5% U EBIT for two years. I think this is worth about 80c - but has been ramped by the buyback possibly. I think the buyback will support the SP a bit, but shorted it anyway - see what happens.