why price dropping, page-17

Hi lionel,

Yeah still hanging around.

I've watched SOL & the Milner family operate for years (maybe decades now I think about it).

They take a very long term view.

When they make offers for companys, they normally do so when it is already undervalued (for whatever reason), then make an offer 15% - 30% above VWAP.

Minor shareholders of these companys usually scream blue murder, but he works on the major shareholders, if another offer comes in, he rarely matches it, just comes forth with reasons why the shareholders should accept his offer and not the other (greater one).

SOL has been around for years (second oldest listed company on the ASX I think, dont know what the oldest is), they know how to play the game for their shareholders in the long run.

If no other offer is forthcoming, he plays a waiting game, with quite long dated offer periods, and wears down the holders, who often sell out in digust and get their cash working in other area's, rather than sitting it out for a couple more cents (especially when they have at least one large shareholder on board).

They also miss out on many takeovers as they Will Not chase the price much at all, sometimes just a few cents more to mop up holders when they have a controlling holding but not enough for a comp. takeover.

cheers