Ann: Presentation - Capitol's Offer for Integral Diagnostics, page-58

Uneasy about this.

In between informing shareholders CAJ was focussing on several, (one assumes), smaller local Melbourne or Victorian bolt ons, where synergies and merging of cultures and systems ought not pose too great a difficulty, and announcing a far greater, considerably more challenging proposal instead, Demetriou / Harrison et al have been convinced this is not only achievable, but a good price for CAJ shareholders to stump up!

Frankly I do not believe they can have conducted the required due diligence in such a short time as it would seem.

They had to have been considering this latest (hostile) bid, at the very time they were assuaging CAJ shareholders concerns with assurances of 'restrained, reasoned, at home' acquisitions, (my words for the "2 or 3 by end 2017" ), to commence repairing the ruination which occured previously under Conidi's watch.

Whilst I think this current bid has promise, especially if the 'acquired' embraced the potential of Enlitic's tech and the China JV's, it is our leadership, and our current standing I lack faith in carrying it off successfully. As successfully as we loyal and resasoned CAJ shareholders DESERVE!

As far as whether CAJ is bidding too much, or whether as some here have suggested, we ought to have gone in lower, and prepared to offer higher if need be. No. In my opinion we cannot afford a drawn out process of bid and counter, should that occur.

If this hostile approach was to be worth a try at all, it had to be so good as to arouse sufficient commitment first go, or after decent dialogue.

After reading the link Champee provides from *, I sense a trap.

Are the CAJ Board poorly advised or otherwise influenced. (God knows jc has a long shadow???)

But what really sets me off is the 14% ony so far sold into the offer out of 19.99% reportedly commited by Wilson Management et al.

Without doing the sums, my concern is were this to fall over, as some are suggesting it already has, enough shares are involved here to be used to drive our SP down to unreasonable levels where we in turn face a T/O, and succumb to it!

You cannot tell me they aren't interested in Enlitic being available in their practices, and the fertile option the China JV's offer them, especially given Integral's presence in those northern Australian locations already.

But whatever it is, (ego or their own superior reverse due diligence or both), that won't allow them to entertain a proposal from a relative minnow, they want to pick up these plums on their own terms, especially now that we've rid ourselves of those underperforming NSW assets, and cleared the balance sheet for recent and mooted improvements.

I think we're on an unsteady footing. Nevertheless would love to pull it off now that it's out there....