lack of reaction, page-4

I'm not as bullish as you guys and whilst the company has a niche market, it is a closely held company with one individual all but owning it which leads to low share liquidity and very few options to influence matters.

Plus, look at the Balance Sheet and see the high value attributed to Goodwill.

Also, I couldn't arrive at the PE you guys did. The 07/08 EPS after adjusting for all the abnormal stuff and assuming the DSA ownership for a full year was 1.2 cents.

Not a startling result against a share with a price of between 7 and 10 cents given the size of the coy.

I figure 08/09 EPS will around 1.4 cents but with a caveat that we don't really have enough detail to ascertain the impact of the newly acquired BIOCORP.

Finally, I'd predict that this company won't be a dividend payer but an accumulator of other organic businesses.

Conclusion: Won't interest the big boys for quite some time and the only buyers will be the true believers and I'm not convinced as yet.