Ann: Update on Proposal from Equity Trustees Limited, page-2

Glad to see that sanity prevailed. This so called offer - which seemed rather like - "I like your car can I test drive it and maybe we will make a proper offer." - has been rejected.

Maybe they could have been more blunt - " we receive these enquiries purporting to be offers from time to time however unless a formal binding offer is received we do not proceed with discussing them."

Hopefully more sanity will prevail and we could see the option exercised. Get a CR for the exercise price its less than 15% of the capital and move on. Get going this year.

Or just do a rights issue and get an underwriter so that you can get bridging finance but please do the TranZact deal before 30 June.

Sometimes it just seems hard to get management to get on with it - dont discuss the disclosure with the auditor just really exercise option - auditor is then taken out of the loop you own 100% consolidate it. The market likes action and simplicity.

Just do it!