Ann: Change of Director's Interest Notice , page-8

I don’t think Acaca15 has tried to mislead in his postings and has added to the overall discussion.

I have followed Codan for many years. Their long term trend has been “bumpy”, although there is a net positive trend. Their result this year will be a record, but I don’t think next year will be as good. Metal detectors have been the dominant revenue stream in the past two years and have driven recent growth. I think some of this is due to the price of gold. I think this revenue stream is now dropping and will continue to do so for some months before it picks up again.

I think the RF division will pick up next year from the Daniels Electronics purchase. Daniels gives Codan a wider RF product range, and the high growth RF markets are the emerging countries where Codan already has a strong presence. Daniels will also help Codan’s own products in the Americas where Codan weren’t strong. There are both product and geography synergies with this acquisition.

I’m forecasting FY14 EPS of 16-20c and FY15 of above 20c. Better if gold picks up again. They have very good products and invest strongly in development. The products are in a high price market where performance and reliability are priority factors and they manufacture under contract in Malaysia so fixed manufacturing costs are low.

Buying above $3 was always going to end badly, but likewise, below $2 is good value … imo.