dont get it, page-8

It's an interesting proposition facing CPB with the quick re-buff from management and major shareholder. I would think they would be quite surprised by PST's response.

As for (MD) Wooles, I think he can see a much bigger picture for PST and is happy to take the private equity route. PST have Argonaut as their defensive coach and their no mugs and I wouldnt be surprised if Argonaut approached Catalyst to take a stake.

Having said that, CPB are raising $200m and could up the ante, their gearing will still be below 20% if the deal goes thru, if it doesnt it will be below 10%.

I just have that feeling they wont get PST, the market seems to agree, the volume is light and under the offer price.

If CPB dont get them, there are other juicy propositions that await, they wont make the mistake of trying to deal with a large shareholder like Wooles and management credibility will be on the line if they miss the boat a second time.

P