significant ni results, page-7

manila, don't understand my logic?

OK, let me explain it to you.

Do you have any particular stock you think is dirty cheap, and want to buy it?

If the answer is "Yes", then ask yourself another question:

Do you want to see the share price of the dirty cheap stock just bought goes up?

Of course the answer is "Yes".

Now, thinking it this way, if you are the Chairman/MD of Pallinghurst and TTY, and have found CSM is dirty cheap. Then.........

Whoever want CSM must know it worth a lot more that the current price because There is not much synergy or costing saving both both Pallinghurst and M.K.'s offer. They are pure assets play, buying asset at depressed price!

Unfortunately, the loser is CSM's shareholders. If management cannot turn around this company, change it. Don't sell it to somebody else at discount price.

Maybe QAN is a much better example than BHP. Even in BHP's case, everyone has praised its great move for BHP, get a group of world class assets paying peanuts. But how about WMC's shareholders? Of course, people can move on. For me, I sold WMC, and invested the money on OXR, and ZFX. But no doubt, BHP is a big winner.

Give you one more example, the Myer Store, and possibly the Coles Group as whole, while be in the same story. Acquirer is winner, and the existing shareholders could be losers.