Ann: Notice of Annual General Meeting, page-5

This is a very opportunistic bid based on the macro economic cycle in transport infrastructure. Malcolm has finally got Infrastructure moving in Victoria after getting rid of the non-Infrastructure PM.

I have been accumulating since the last announcement. Things are finally turning around and they have got rid of the final dud business in Canada.

Based on the bid price it reflects current year. The most any company would go up to this year is about $0.50, based on valuation of comparable companies. CDD could look at based on their historical approach to growth, taking over companies and destroying value.

Looking at the next three years it will increase in value, probably to $0.80 at most.

On the balance of probabilities, this is a decent price, but not over the top. Good for a US company, but not good for us Australians who want to invest in a good management team.

Think we need to do a bit more research on the bidding company.

Best of Luck
Lost