Ann: SWF - Section 249D Notice, page-11

I recalled doing the sums some months back on when the vultures might gather to circle the carcass, and the calculus at the time pointed to 20c per share being the price off which a bid - if it was to be launched, with the normal accompanying change of control premium - made economic sense.

But a lot has happened since then, and I'm not even sure what the carcass will now look like; predicting what the upcoming results will look like is mere guesswork, but based on the manner in which large pockets of the market went "no-bid" during recent weeks, I think I'd rather have a put than a call over the tone and content of the next update.

(Of course, Friday's announcement does not, in itself, portend a takeover bid. The stock might need to traverse a bit of a pain threshold first, before any acquirer appears.)

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