takeover at these prices just not on, page-56

Mattemoc Herewith info:

Ex AFS 2011

jackman only director with ELDPA and only 1000

Largest holder: J P Morgan australia 170,059 or 11.34%
The Australian National University 50000 or 3.33%
Sandhurst Trustees 47267 or 3.15%
Cogent nominees 37416 or 2.49%
Rotarn Pty Ltd 27218 or 1.81%
J P Morgan Nominees (2nd holding ) 26735 or 1.78%
Gwynvill Trading Pty Ltd 25711 or 1.71%

The entire top 20 only hold 38.51% and entry onto that list is @ 7786 or 0.52%

The hybrids are held by more than 2200 who hold between 1 and 1000 they in fact hold 37% so could block the haircut and in fact the average would be around 250 to 500 so no reason to just roll over. This haircut idea is all in the minds of ordinary holders who think its easy - It isnt.

I hold both so am unbiased.

I personally think that Ruralco are going to use their holding and any increase in it to try to get a sale of the sum of the parts or just take out the farming and leave the company as is with its shareholders after that.