Ann: Investor Roadshow Presentation, page-45

Value Hunter

Your one of these expert posters who sit and point fingers and say "see I told you so."

At the time of acquisition a company can only go by what the value is at the time of purchase, not some arbitrary crystal balled price in the future. Is it good value now, can we grow the profits from it and what are the risks - what , cause, effect should be the mantra not "we'll wait because it could be cheaper in the future." So it's a bit unfair to point a finger at an oil company, any oil company, and start tearing apart their acquisitions and stating they where too expensive. Here's a flash - everything looks too expensive from last year.

By your way of thinking all companies should wait until this type of situation or circumstance occurs before acquiring any company and then strike - because it's cheap - but that logic doesn't follow because all companies in oil and gas have gone down with the tide and there would be no good time to make an acquisition because potentially, at any given point, all companies could always be cheaper. I think you need to revisit the whole premise why M&A occurs.

So my question to you is would BPT (or DLS that matter) be in a position today, RFN, to make any acquisitions eg

"......(bodella / delhi / anzon / itc / Adelaide energy etc etc .....)

ditto for DLS ....."

The fact, most likely, is that if they hadn't bought these companies they would, most probably, not be any position to do any form of M&A now and would certainly be swallowed up themselves or be bankrupt.

Just wondering if you have the same advice for SVW - "Stokesy, maaaaate, you should of waited the stocks are all cheeeap maaaate." So what do you think of SVW's stake at $1.xx for both BPT and DLS - looks quite dumb by your reckoning?

So please tell us the alternate pathways for BPT and DLS if they had not made any acquisitions whatsoever? I'd be interested to hear your projected outcomes.

The fact is no one, but no one, foresaw this malaise and to sit there and be smart after the fact just shows a lack of understanding in the way things work. Sure you can point to the current situation and say 'how right you,' are but that will be ignoring everything that has passed.

I would go as far as saying that the acquisitions that both companies have made is the very thing that is keeping them afloat and viable, whether making lots of profit or not.

Cheers
BW
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