Thanks Ash. The reason I suggest Designworks is I think they could achieve a great price early to mid next year as they will be able to demonstrate strong earnings growth from the new contracts (and may even be able to secure more in the interim). However, I don't expect a great result from Review in the near term until they can turnaround the performance of the Myer concessions. That said, a trade buyer should understand Reviews value, so if they are prepared to pay up then I would be more than happy with a sale of Review (for well north of $30m ;-)).
I'm also not surprised that PAS aren't keen on another takeover, given the potential cost involved and the limited free float that would actually take it up. However, I'm surprised they don't continue to creep at this price (although I note they only need to disclose when their shareholding moves by more than 1%).
