TBE,The research piece basically covered off on their existing...

TBE,

The research piece basically covered off on their existing business + the Chinese contract and the Malaysian contract. Nothing out of the ordinary mentioned. It's all to do with margins achieved as well as the timing of cashflows. At this point in time, I would not put too much emphasis on the FY'10 and FY'11 projections. I'll take it one step at a time. Hopefully we will get news out over the next 6-8 weeks on their Malaysian contract cashflows.

As for near term takeovers, I disagree with 20500. I doubt there is a near term takeover as the registry is still quite fragmented. If companies were lining up to buy, they would have been talking to QIC as well as Kinetic to take out their stakes. Apparently QIC had a change in personnel managing the portfolios and rumour has it that one of the instos. (possibly Kinetic and I stress the word possibly because I don't know for certain) on ETC's register has lost a mandate.