the future, page-8

Craft,

Yes not the outcome I wanted but maybe in the circumstances not too bad a deal. TGR sp has been tragic the last couple of years, and to think WBA increased their holding a couple of years ago when TGR shut WBA out of a capital raising. From memory WBA paid over $4 a share and spent $9M. No one at WBA seems accountable for this.

I'm unsure what the CGT liability will be. The last record I have was in March 2009 when the cost price was $1.56 but WBA sold 7M shares since and so probably would have used high cost shares to ensure no CGT paid.

I think you're right shareholders are unlikely to see a capital return/special dividend when the Gunn's assets are up for sale at the moment. My deep concern is WBA will screw up any purchase. It hasn't traded profitably for some years now and its only the TGR stake that has kept WBA's figures in the black. If WBA goes deeper into walnuts its past track record doesn't instil a lot of hope, but they sure as hell need to get it right this one last time. As far as I'm concerned if they buy from Gunns it has to be the deal of the century or I want some cash back.

I hope the Board prove me wrong.