Ann: Intention to Make Takeover Bid, page-161

williamteddy,

Just to clarify, I have never "admitted that you are associated with PPG"

I have however stated that I have bought and sold PPG shares over the years (as well as PGH shares) mainly through my super fund.

I have admitted that I am in the the industry and have been for over 10 years but closer to 20. I do not work for any Pratt or Geminder companies or associates.

I admire Ruffy as a man that has built a very good strong business, however I do not agree with how the business is managed at lower levels.

The reduction of white-collar workers is purely an EBIT/EBITDA hit as the redundancies/restructures hit the P&L. This headcount from what I am being told has occurred but there has been no mention of the cost to the business for this restructure.

You use a couple of examples where he tried to privatise a couple of companies, what you ignore is that he has bought many more companies than the number has has not.

All I am suggesting is that he is well advised and he does have a process with assumptions that most shareholders would not be privy too.

He is a successful businessman and hence my admiration, however I would never work for the man purely due to his ruthlessness'.

Time will tell on where this goes. My experience with any listed entity where there is one dominating/controlling shareholder is that the SP always languishes. What supports this is that institutions will not invest behind this type of investment.

I hope I have provided clarity on where I sit on PGH/Ruffy.