next, on market bid, page-5

Don't sell dogday, this has value for the long-haul, as loyal shareholders take back control under Phil Arnall's Chairmanship. The first cheap shot from CHAMP appears to be designed to destabilise the team but the reverse has happened.

Major shareholders will almost certainly combine to thwart low-ball bids, as they did to implement the RCTS (Return Control to Shareholders) Plan last November.


The first step in the process was to remove the old Chairman (directly linked to CHAMP) and two Chairman-aligned directors. These resignations reflected an acceptance that more than 60% of shares would vote against their re-election.

The company is now travelling well under a more Independent and competent board, including Rupert Harrington, who knows "all the tricks in the trade" such as CHAMP appears to be using (IMHO).

CHAMP can buy a few more shares but not many, before hitting 20%, at which time they will almost certainly be dissed by the major shareholders, all who should see value in holding for the long-haul.

I predict that a few old investors such as Paradice will reappear soon as time runs out for the CHAMP/Sigdo Koppers consortium.