Ann: SER Business Review 2011 , page-36

Ausheds; Exactly. If you and I are aware of this possible scenario, do you really think that SER management hasn't made sure that there are safeguards?

Meanwhile ...

On what do you base your statement "They couldn't stump up $32.5M first time around". Is it any more than just your assumption? Have you remembered that the deal was revised or are you conveniently overlooking that, in the same way you have dismissed Mega's statement that they have financial backing? I think it's fair to say most shareholders seem to think that the revision was an improvement.

You write: "what are they worth in reality? As far as I can see they've done a couple of paper exchanges for a couple of cow paddocks and a technology/marketing exchange with an Indian family company, always reputable and reliable to deal with." Yes, as far as you can see ... but perhaps you are too fixated on the correctness of your theory. Maybe you are right, but perhaps you are wrong - ever considered that possibility?

I've been more critical of SER management over some aspects than most, but I give them credit for being at least as able to foresee the scenario you put forward as you are.

The major shareholders control enough votes to get the deal through whatever other shareholders like us think. That has been demonstrated in the past, as I've mentioned before. They also have a strong enough financial stake that probably dwarfs yours and certainly dwarfs mine. Do you think they are about to let themselves be dudded?

Similarly, Mega aren't about to dud themselves. No doubt they are expecting high returns from their investment.

I've waited a very long time - as have other long-term shareholders - for the chance to make some healthy profit from my EBR/SER shareholding. I'm not selling now.

But if I felt as nervous as you seem to be about the outcome of the deal, I would have been out between 17c and 19c when I had the chance.

Sunman