Hi Frank,I'll try and make this post as though I have no opinion...

Hi Frank,

I'll try and make this post as though I have no opinion on the matter but rather playing devil's avocate...

Buddy we well know that Regent and ConsMin pushed the SP up prior to the bid. I think the mistake by Regent who was pretty much in control of the SP's direction was them thinking holders would be happy with a 4% premium. The 4% premium was seen as an insult to those who thought the offer was too low. It sort of became a war cry for those against the bid. And it was hard to ignore. Anyone in support of the bid could've spent hours explaining the merits of the bid, whilst the only thing those who were against the bid had to say was, "4% premium".

I don't know if I'd call them 'uneducated morons' mate. I simply think it was a case of true believers in BCI who saw the forecasts of future PERs and considered $3.30 was a little cheap. We also had the KPMG valuation of $3.80 to $4.12 that would support the case to some that $3.30 was a little light on.

What do you reckon?