sack the board , page-12

Another error that the COA board has made is that they have collectively failed to advise how it will extract 30m cost savings and improved EPS growth in order to fully substanciate their knocking back the $6.29 exi divi offer

The failure to provide any detailed colour on the specific conditions within each of the offers made not once but twice might seem to suggest that the current incumbants on the COA board are more concerned about their own positions rather than their sharholders who have i might remind them faithfully elected them to such status that they currently enjoy!

In the best interest of all shareholders(and thank god i'm not one of them!)the COA board should in my humble opinion recommend to the market and ALL their shareholders any proposals or offers that are credible and that are sufficient above market value and provide synergy benefits so that all shareholders will have an opportunity to have a say in the future of COA by either accepting or rejecting any offers put before
them

The strategy to me seems pretty clear cut for the consortium comprising the CARLYLE GROUP AND NHR so far(and anyone else who wishes to join?eg.ACE P/L & ELPH P/L)

Having knocked back an offer of $6.29 ex divi,COA is now due to officialy go ex divi 11 cents shortly on 10/9/07 and on a close today(6/9/07)$5.70-0.11cents that then = a theoretical price of approximately $5.59 but DOES NOT taking into account any market volatility which may see the price go even lower in the near future, putting it now at a 11.13 per cent discount to the ex divi offer $6.29(or $6.40 cash) made by the consortium to the COA board

COATES HIRE LIMITED
11c-FUILL YEAR DIVI
10/09/2007- EX DIVI DATE
14/09/2007- RECORD DATE /BOOKS CLOSE DATE
03/10/2007- DATE DIV PAYABLE
DIVI FRANKING DETAILS-100% Final 11C FRANKED @ 30% D.R.P NIL DISCOUNT

Unfortunately,The COA board are not worthy of a higher offer! because they have demonstrated they don't want to bow to the inevitable and the weight of money backing this large bid and now work in with the bidders offering a good price(above market value 6/9/07 closing price=$5.70)

I think ACE P/L,WESTRAC,CARLYLE GROUP,ELP P/L,NHR & anyone else who wants to get on board WITH THE CONSORTIUM GROUP should ALL stand in the market on ex divi date 10/9/07 should,if and when the hedge funds start unwinding their positions and all parties should creep at least 3 per cent each and mop up as many shares possible!

ELP P/L (Mr Dale Elphinstone owner of William Adams) already owns about 5 per cent of COA

That will give the combined group at the very least 20 per cent and then i think they are left with, but NO choice unfortunately but to make a hostile conditional bid eg getting to at least 80 per cent shares on issue and any shares outstanding will clearly then be minority shareholders(5-10 per cent) and most likely these might end up being the current incumbant COA board members

LOL

:-)