Ann: PANORAMIC OFFER NOT FAIR AND NOT REASONABLE , page-4

re: Ann: MMW: PANORAMIC OFFER NOT FAIR AND NO... Hostile takeovers favour the company being taken over generally

1. The company doing the takeover do not have all of the facts..there can be some interesting things in the cupboard

2. If part of the asset base of the company being taken over, then the assets can walk, unless company is careful.

3. The market will always put at least a 30% premium...so the value add must be 30+++% to work.

Note Panoramic have no operating success overseas, or even a lot of experience for that matter, overseas, and Canada is a very different place to Australia.

Interesting move...a premium to pay?