20 to 30 per cent growth for 2008 and 2009, page-9

Macmahon have increased their offer to 1.65 MAH shares per ASL share but it still seems a bit low-ball. Back of the envelope calcs indicate it gives ASL shareholders roughly 35% of the combined company when they are contributing a much larger proportion of the earnings and assets. The 5m shares that were bought on 5th August appear to have not gone to an existing substantial shareholder and it is therefore possible a competitor is building a stake. Interestingly, the MAH announcement leaves the door clearly open for MAH to raise their offer if a rival bid emerges. We are still in early days of this battle, IMO.