agm, page-3

After reading the latest trading announcement, it might be a bit of slog for the Belmont boys, another loss for the first 6 months is predicted, so that will keep the share price depressed.

As for a takeover there could be a couple of scenarios, but overall, I think unlikely.

XRF are based in Perth and make specialised mineral equipment, not quite the same as Essa, but there would be synergies.

AEC bought a laboratory fitout company called Marc in early 2008 for $10m. They have no debt and both businesses are in perth.

CPB could buy all of them.

Just a quick opinion. I dont hold the stock.

P