Making workboots in America, page-3

Hi Travis

I have been a shareholder in Merchant House for 17 years. I don't want to sell because I reckon the shares are worth a lot more than the market price. I did not think I would have to wait this long though Loretta Lee, the chairwoman, is more than 80 years old and she owns 53.4% of the shares. I did not think she would keep running the company for this long.

So many of the Asian companies listed in Australia have been disappointing. Have a look at GLG Corporation (code GLE) and you will see that its share price is much lower than its NTA than MHI. GLG has been profitable every year and has never given shareholders a dividend since 2007. There are a lot of Asian shares that are unfair to the Australian shareholders so we tend to be reluctant to buy them. Still, I have found that Loretta is honest and she won't cheat us. I just don't know what is going to happen when she is gone.

GPASAS