Ann: Change of Director's Interest Notice, page-4

After a little contemplation decided to buy some at 36c
Reasoning is that the mid point of the profit guidance is only about 1.1 m less than last years. Next year has a very high probability of being a record year and in the end I am holding this business of a 3-5 year plus hold and one needs to look at total returns over this period . Large Capex will be over this year and thus future profitability will result in cash build and most likely higher dividends . With a 5.5% yield , a PE 40% below the market , a balance sheet that’s very solid and growing US earnings I concluded is a pretty robust investment . One thing i heard recently at a fund manager small caps conference is to look for stocks that have little or no coverage and yet are sound investments and buy them before they goes to hit the radar of research houses and fund managers