agm, page-6

Major...great points.

I'm only suggesting PTN because the consolidation phase of this industry is definitely on.

This morning LLC upped their offer for LLP and this will now be successful imo.

Plus with AVE also merging to make a larger group (presumably for economies of scale)I think that PTN is looking like the ugly sister with nowhere to go.

I'd like to say the blushing bride stranded at the altar...but PTN really is a dog because of the management structure and the quality of management.

But the 12 or so villages that LLP manage for them are pretty good and the debt level isn't that high after PTN divest the non-core assets. And there is a good development pipeline which FKP could utliise far more effectively than PTN.

I'd suggest that a scrip offer might do the trick (but only after PTN has re-acquired the management rights) on the basis of 1 FKP for every 3 PTN.

This would then give FKP the largest retirement holding by long shot and a developement pipeline for many years.

The AVEO brand could be really cranked up with national prominence and economies of scale.

As a long suffering, blood haemoraging shareholder in PTN...I'd say to FKP yes please, put us out of our misery and give us a home with a future!