bidders statement, page-14

We all know, as does SOL this takeover will not get to 90% - it was never intended to. SOL will be happy to get to 35% because that will probably get them Boardroom control. Take a look at News Corp, Cons Press etc if you don't think a company can be controlled by a 30% shareholder.

Now, ask yourself why would they want Boardroom control? The answer is that EXS is essentially a CASH BOX ! I would be quite surprised if SOL didn't already have a plan for OUR cash and that is what bothers me.

One obvious strategy would be to get an inflated valuation of CopperChem and sell it into EXS on the basis of synergies etc. I know, I know, I hear you saying "but that would need to go to a vote of shareholders and SOL would need to abstain from voting". Yes, but the recommendation would have Board support and therefore would probably succeed. Plenty of examples, how about Seven West media buying the farm equipment business - can't see what that has to do with media?

Probably not much to be done on our part because the takeover laws are so pathetic by allowing a control change without the need to get to 50.1%. I just get a little tired of the naivety of some posters masquerading as corporate experts and telling everybody to relax just as their house is about to be burgled.