Ann: UWL: UWL Response to Speculation, page-21

I think the market is pricing ST1 at a discount, as we really don't know what the offer is or whether ST1 will accept it. A lot happening at ST1 considering this takeover and considering that they are in final due diligence with regard to their own acquisitions. One could look back at this and think what a great buying opportunity it was, if the deal does go through in my opinion. Then again if it doesn't the ST1 share price will fall back to previous levels, so maybe investors are prepared to pay a premium for UWL as it is seen as a safer bet at this stage with management on the acquisition trail.