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Hi Mak, I agree with what you are saying.

The value of any acquisition is greatly influenced by the strategic influence that the acquisition will bring to each party.

The OBJ board obviously strongly believe that NS brings an avenue to fast track a suite of new products to market and is worth the cost of the acquisition.

The current proposal however, whilst considered appropriate by our board, is clearly not acceptable in it’s current form, to many long term share holders of OBJ.

Also, as you also quite rightly point out, the major issue is the low OBJ share price providing a large disparity in each companies valuation, which will result in a significant dilution for existing OBJ share holders.

Here in lies the fundamental problem with the current proposal.

In my opinion OBJ need to quickly identify if they have the numbers to carry forward their proposal.

The last thing the company needs is a public s… fight.

If they don’t, prior to the next share holder meeting, they need to review what options that they have available to get it passed.

Essentially, that means sweeten the pot for existing shareholders.

Whist there are obviously a number of ways this can be done, I agree to the proposal put forward by paytrade.

I hope that he doesn’t mind me quoting him from the email that he sent to OBJ:

"I also would like to formally lodge a request that the board consider giving the shareholders a quantity of exercisable options for each consolidated share held. Like Mark so articulately stated at the AGM, we have loyally funded OBJ to date and backed the organisation to where it is today. The extent of the dilution/consolidation of the existing share holdings is not commensurate of the asset/s being gained by OBJ. Simply put, an exercisable quantity of options makes this acquisition far more commensurate for existing holders of OBJ Limited…who have backed the company over the last decade or so."

We all know that OBJ management follow this board, so it will be interesting to see what transpires from here.

We must also remind our selves that all existing shareholders are actually on the same side, in spite of differing opinions.

All we want the the best outcome for the company and it’s shareholders.