re: Ann: Notice declaring Takeover Offer unco... Woofur whilst...

re: Ann: Notice declaring Takeover Offer unco... Woofur whilst ideally we all would welcome a new and independent board chances are that’s not going to happen.

Currently there are only three board positions that are filled (most of last year there were four board positions). Two are held by Infiniti and Bill Oliver has the other. Bill has been offered a contract by LG. So it’s hard to imagine the current board not being biased towards LG.

Add to that Chan our new chairman was re-elected in November 2011 so I doubt he is going anywhere in the foreseeable future.

Our other director Ms. Quah is currently the CEO of Asiasons WFG Financial Ltd and Infinity Asset Management Pte. Ltd. And her directorship was part of the $5.3m deal done last year that gave us Chan as well.

If there is a fourth position available then it’s likely to be made available to someone from LG (maybe Dato) or someone from Weiss but they would need to get a wriggle on with their shareholding to secure that spot.

Even though it’s currently only a 32% holding by LG, it is still significant, given that the next largest shareholding is currently at 12%.

It will be interesting to see over the next week now that the offer is unconditional how many more acceptances are received by LG. Obviously our best chance of a revised offer comes by us continuing to hold out, given we’ve held on this long.

I’m not expecting to know any operational costs before March 16, as they have kept us in the dark all this time. LG have said all along that it is an opportunistic takeover so I doubt they (LG & Infiniti) will make too much information available to us, especially given they have control of the board and the CEO in the interim.

So for now keep holding and let them chase if they really want greater control and/or ownership.