Where does this ride end??, page-23

I am hopeful that the Bradken shorters will be caught out today, although the drop in the Dow doesn't help. Phil Arnall is a very competent guy and has made a wise choice in Rupert Harrington as a director. Harrington as the brains behind Advent capital is a sharp operator and has worked with Phil Arnall before in creating wealth.

Bradken in my opinion was suffering from poor direction and governance under the previous chairman and it was pleasing to see another two ("overboarded") directors fall on their swords before being formally outvoted at the AGM by shareholders. Importantly, Ownership Matters proxy report recommended against their reappointment on the strength of their involvement in the CHAMP/Sigdo Koppers RPS deal that pushed the Share price down a few months ago.

I have been buying steadily in recent weeks, especially buoyed by Chairman Phil Arnall's purchases and his performance at the AGM, which I also attended