quarterly update

Just read the CSM quarterly.

If you ever wanted to see a company where management objectives were more mis-aligned with its shareholders, you would have a hard time going past CSM. The whole update reeks of desperation by management to hose down the booming fundamentals of the CSM key businesses. The stupidity of this is un-nerving. Management think that they are "managing" shareholder expectations in regard to the price of our shares for the Gilbertson control grab. To believe that you can manage shareholder expectations in this way in what is a fairly transparent market requires an obvious underlying assumption on the part of CSM management - i.e. they have to work on the premise that we are individually and collectively stupid.

I am offended.

Further, the message that CSM management has given me is not to expect less from Gilbertson, but rather to realise that CSM must get new management committed to maximising shareholder value - instead of trying to minimise shareholder value for current holders in favour of potential new holders.

I no longer feel that the Gilbertson offer has a snow-ball's chance in hell at less than $3 per share (100% basis). Thanks to the good work of Rim and others in mobilising the NO vote - that should no longer be a problem. It is time to get CSM management's more immediate attention - time to mobilise shareholder action directed at the Board replacing the management.