this stock is absurdly underpriced, page-14

LZ,

The EPS figure for 2006 is lower after abnormals, but the 2.5c figure is still relevant when considering earnings pre-abnormals which must be considered when trying to place a value on the stock.

Having said that, any earnings result for 05/06 is basically out of date. What we need now are indications of earnings for the 06/07 FY which is almost 10 weeks old. The board has said it will be making a forecast of earnings for 06/07 in a few weeks when it has the August operating figures in front of it. This forecast will be well worth waiting for, and should allow some realistic shareprice targets to be made.

CPB have obviously realized they are not going to get enough of a shareholding to push for a full takeover. However in light of the litigation saga, and the inability of the board to inform the market enough to ensure the shareprice for the company reflects the underlying value of the stock, they may have a good case for being able to get a board seat. they will need quite a lot of votes with the board and associated parties having a very strong voting power. Time will tell, but I wouls suggest CPB will put it to the vote at the upcoming AGM in Novemeber.

Regards,

Cheerful.