Ann: Becoming a substantial holder, page-7

Well folks - I am happy that I bought 96k Shares st 1.135 in my Super ( most at close and still have partial order open at 1.135 ) my reason for buying was little debt and payables when compared to cash and receivables and inventories. Decent NTA backing and good portion of the business in US to benefit from future revenue benefit of Reduced Tax cuts. Nothing to suggest profit dip is ongoing and even if it adjusts to last 3 year average we will be trading much higher . I am a big fan of these value managers . At my average a 1.50 price over 18 months is a healthy return. Any TO bid will take at least a month or two as they will want to get VWAP down to make any TO look like a decent premium . Haven’t bought for a TO but I do think it’s a potential outcome