pmh is cheap compare with its peers, page-15

Hi Donnaleigh, agree with all your assessment. I note that ANZ nominees 5m shares in PMH (see top 20 shareholders on the PMH site) so if the 1M traded today was ANZ then it seems clear that the buyers must have been lined up to pick up at 17c given that it all took place in 40 minutes. At least we see a floor price here. Could be that we should anticipate more movement of the remaining ANZ holding possibility over coming days - hopefully at a steady 17c. After this all clears then the newer punters will start to focus on the real value that is here - which we all know already (I feel smart but not rich yet, unfortunately - patience).

I did harbour a worry that PMH might get taken over at a low price but trawling the top 20 shareholders (and adding my measly half a percent holding) I think there are enough holders who are close to the action and have been from the start i.e. close enough not to sell out to early, to hold off this possibility. I believe a buyer would need 80% in order to forcibly acquire the remainder. GIR has 11% then Yandal and few others I think would not give in early (including Mr McDonald, who has been around GIR since its inception)add to well in excess of 20%. Could be that the bigger, central holders were picking up some of today's trade. If so, it should be reflected in some change holding announcements in the next few days/weeks. If this is so, it will strengthen the position against a cheap and forced takeover. I am now less worried about such an event but it still could happen - have my prayer hat on again.

Cheers