Ann: Updated FY 15 Guidance, page-6

Hi Guys,

Devine had two outsider takeover bids at 88.5c and 90c subject to Cimic accepting them and Cimic knocked them both back. Then it comes out with its own takeover bid of 75c compared to a net tangible asset backing of $1.55 at that time. If a major shareholder tries to take me out at an unfair price, I will not accept even if it does hurt like this one. I have taken four boards to the Takeover's Panel in the past to try and stop the sort of behaviour I am seeing here.

If we make it too easy for mongrels to rip us off then they are going to do it more and more.

GPASAS