12 cents gap between TAS and EDE, page-32

It is important for a company to pay a dividend as soon as the company is making a profit and I suggest that the Solomons are well aware of this. The reasons for this are compelling. Remember that there are investors that have been with this company for a long time. They want a return on their investment. It is OK for those that have invested for their retirement to say they don't want a dividend that they prefer capital gain. If that is the case they can reinvest any dividend and many companies have a reinvestment program. Those that have already retired ( that is where a lot of investment funds are located) want and need regular income.

Paying dividends is also a status symbol for success. It is a measure used to judge a company, its management and the directors. I suggest that EDE will be looking towards paying dividends ASAP.

This dividend aspect is much more relevant than the talk of a takeover. This is why TAS trades at a discount. Actually I don't look at it as TAS trading at a discount. I look at it as EDE trading at a PREMIUM.