Higher TO offer plus buyback for BRS, page-4

DOWNER has gained 10 percent since the start of their buyback. They also had a downgrade in earnings.

BRS will gain similarily when its buyback starts.

Its buybacks starts before Ferals offers end. 22 March 2016.

Every share that BRS buybacks below $1.35 makes Feral purchase price cheaper. So I assume BRS will buy some below and some above $1.35. But overall it will average $1.35.

Feral will wait and see what happens then buy the lot at an enhanced price as it will cost them less if not thr same depending on how the buy back goes. Also if BRS buys back shares with its own money Ferals use less of theirs to get the whole company.

However, if someone wants to sell me their shares for $1.10 before buy back starts next week I am happy to buy them =)

I am confident the SP will be above $1.35 in April.