Ann: Non-binding indicative proposal to acquire Perpetual, page-11

The market certainly does not like this from a SOL perspective... I think they should just do what they do best - I certainly don't think the Milner's know what they are doing - This isn't a mining company. They have made a lot of mistakes recently in my opinion. The Aeris deal can no longer be seen as a great deal. They sold Round Oak for $240 million but only got just over $60 million in cash. Then they had this pile of shares which is now worth $24095238. So in fact they sold Round Oak for under $90 Million.
Bridgeport's ( Part of NHC) operations - I always remember after tax losses for many years - maybe profitable now. Then URB that wasn't that great.
Around 2007 somewhere their they bought back a small Private equity thing they had a stake in Souls Private Equity was absorbed into SO. Then the Convertible notes had no limited upside on conversion and wacked NHC. - Not a failure but a simple conversion limit would not have had them paying so much to buy them back. Last is the Vodafone TPG investment - should have followed Teoh in selling this down.

So whilst I think they are good I am not that sure that this makes sense and as they keep selling off listed investments acquired from MLT it makes less sense. They have now realised a whole huge CGT tax cost ever since acquiring them.