$1 tomorow, page-2

I think to have any chance of success, an unsolicited takeover offer would have to be around $1/share. Having said that, this SP run did start well below 50C/share so the SP has already gone up by close to 100%.

Whilst some of the overseas sectors that EHL oprates in have been a disaster (largely courtesy of the GFC) , their core business at home has weathered the downturn quite well and should be poised to benefit from growth in world GDP in 2010.

This stock has been in the doldrums for too long and this type of exposure may well lift it up back to a more realistic valuation.

From todays announcement it was encouraging to see the level of cash generated in the period under review. Having worked in the same coy as the chairman some years ago, the focus on cash generation and working other assets hard comes as no surprise. He is right out of the top drawer when it comes to a wholistic way of managing a company.

I have to admit I would not be surprised to see this whole thing fizzle over night.

It is however it is interesting that the coy has not dismissed it out of hand. Perhaps the size of the offer is such that the directors have to give it serious consideration if they are seen to be acting in the best interests of shareholders.
cheers
W2