Ann: Investor Strategy Briefing presentation 28 M, page-4

re: Ann: Investor Strategy Briefing presentat... Newb,

I agree they could have been a bit more open about the six monthly results since the formal announcement is only weeks away now. But it is hard to imagine it will be poor given this upbeat announcement.

No great excitement in the trading today but I do think there are good signs that API has turned the corner share price wise. The beauty of this stock over the other troubled ones like Elders and PPX is that this one doesn't have to worry about hybrid stocks and preferential dividends.

The comments in this latest report under the headline "A Case for Consolidation" almost seems to be inviting Sigma to make a bid for them or at least to join them in working together e.g. "Each major wholesaler has an infrastructure network capable of servicing the whole industry. Excess capacity represents significant waste which benefits no-one. ACCC has previously rejected consolidation attempts. Discounts provide fresh argument for change".

GPASAS