Ann: Becoming a substantial holder , page-6

Deep River

Have been adding a few over a couple of years.
Symex is one of my prospective 10% yielders and in my super with the franking credits refunded Symex is very attractive.

Other points, the current ratio of C/A at 30/06/2010 of $50m+ agaist C/L of $20m+ is very strong. EPS of 7.55c from NP and 8.2c from operations cash puts SYM on a P/E of around 7.5.
The White King business is expected to "earnings accretive"(I hope so) so this ratio will improve without a SP rise. The White King assets products are already manufactured by SYM in SYM factories, how sweet is that. The Melbourne property is probably on the Balance Sheet at less than current value if sold adding a little more strength to the tangible assets per share. The soap business is a good counter to the Oleo business and there is some vertcal integration giving a cost advantage.
Also Directors are very prominent on the top 20.

All in all a good story albeit not that sexy

Hope that helps

G