Ann: Investor Update , page-17

The fact that this company has continued its meteoric rise has come as no surprise to myself.

From a quantitative perspective (high ROE, excellent margins and negative debt (cash at bank exceeding bank debt)) this is the finest company in my portfolio.

From a qualitative perspective, (operating in an industry with high barriers to entry, excellent management and a line of excellent products.)

From a growth perspective, (huge increase forecast in revenue, huge increase in order book, and an operational shift to their Henderson facilities soon to take place.)

Value?? I value the company currently at around $6.50, up to $5.50 would be good buying (including a margin of safety) although this valuation is increasing substantially over the next years as the before mentioned change in location occurs and the companies ability to produce more for less (better margins resulting from economies of scale) comes into effect.

I cannot understand why anyone would sell their shares at current price levels.