Franking Credits 23c per share, page-2

Yes. Prima facie bid price looks low and opportunistic. Perlstein and Cotton on appear to be in favour and if you add in Miller it gets to roughly 40%.

Need half year numbers to be able to assess properly. Anything short of 6 times ebitda is a steal. Awaiting more information.

If bid price is justified based on share price trading over last 6 months alone then bid can go back to the Middle East for further consideration.