re: a value buy. Strong rebound to $2.34 shows recognition of 2...

re: a value buy. Strong rebound to $2.34 shows recognition of 2 possibilities.

1. Belief that API management can remain independent and turn things around over next 12 months. Current SP level about right until we see final 6 months financials.

2. Belief that their will be another bidder. We now know that the Board & major shareholders (having played their hand during Sigma discussions) would look seriously at straight forward offer of $2.50 a share.

Any serious increase in the share price and volumes from current level will be very suggestive that another offer is in the wind - the market will know.

Also on a recent post I suggested December 06 figures compared with 2005 would be useful indicator. However, it will be difficult to to match last years December Sales because of a change to the PBS Safety Net rules this year. The new "20 clear day" between prescriptions safety net rule will stop most of the December "rush" .

On the other hand, in balance, January 07 PBS sales should improve. I would expect a December 06 turnover 5% down would be satisfactory given all contributing factors. However, I would like to see a record January 07 turnover.