Share Price, page-241

I am always surprised by talk of takeover risk of this company. My sense is that the supply curve for these shares is fairly steep - ie there are always a smattering of sellers at the low prices that have therefore been our quoted prices for a long time. But I expect any serious demand volume would take us up the supply curve - and price levels - pretty quickly. I like to think that most investors in at this point - institutional or otherwise - envisage significant upside. On this basis I would hope any take over offer would have to be a long way above the price to get any consideration at all.