Credit Suisse Upgrade, page-22

Hi Champee,

Looking like an exciting week or two ahead (hopefully more). Are we just caught in IDX's updraft or does somebody know something the rest of the market doesn't. I've been wondering why there has been no substantial holder notices and had another look at the most recent top 20 notice. lapse of takeover for IDX

You need around 40M+ shares to become a substantial holder. Only the top 5 are in that bracket and they hold over 43% of the company between them. So if our top 5 are holding firm then given some of the volume (big block trades) that have gone through recently, there must be some movement between places 6-20 and possibly new players.

IDX announced some new acquisitions and reaffirmed guidance in late May/early June. Guidance was before takeover costs which were not disclosed. Last year we reaffirmed guidance on June 14th, hopefully we will do that again and follow Integral's lead and not disclose T/O costs. Might keep us in this uptrend for a while. Who knows, we might have some M&A news of our own or maybe something from China.