re: $$no bid for amp..for al partridge$$ Smerf,On this occasion,...

re: $$no bid for amp..for al partridge$$ Smerf,

On this occasion, Alan is right. FTP have had more than their fair share of losses going through 2002 and into 2003. They even ended up changing the way in which they reported their results to address these issues.

Notwithstanding this, FTP remains a good read. But I, for one, always take what they say with a grain of salt in mind (ie: yet another educated voice in the misty sands of time).

Regarding the 15% threshold, you are wrong on this.

15% is the limit from a 4-pillars perspective. Beyond that, PC's blessing is required. Now, is that why certain execs have been making a trek to Treasury Gardens and again, to The National capital in recent times?

@$5.60, that should culminate in a $6.00 - $6.25 likely final bid, given that the UK de-merger is still to occur, further capital is required for the UK operations, and extensive re-structuring of the Australian operations will still be required.

Any mooted bid @$7.85, however, would be well above net asset value. Currently, this stands @~$7.30, assuming an orderly realisation and disposal of assets, etc, and no further capital exposure problems in the UK. Factoring for these, however, it is likely to stand closer to $6.00 (ie: implying ~$1.00 reduction, plus some).