yeah I was impressed by their latest preso on boardroom radio -...

yeah I was impressed by their latest preso on boardroom radio - there are a lot of very switched on South African businessmen in Oz(not to generalise).

I think this company could well be rolling in cash at the moment - they've just sold a property for 9.8million and they've been reducing inventory levels. Combine all this cash with their large franking credit balance(see last years annual report) and we could be in for a nice special dividend if they don't have any acquisitions in mind. They did talk about improving return on investment. This same cash and franking credit balance makes the company a very attractive takeover target. I just hope they get rid of it quick and concentrate on growing profits several fold over the next few years.

It doesn't appear to me that Gerard has been doing any more buying but it's a bit hard to tell - they haven't declared any change of interest of more than 1%(which I think they have to do). Hunter Hall have been adding to their stake. They're all good signs - these are smart guys circling. Gerard is a competitor(who knows LCL management and knows the lighting business) and Hunter Hall are one of the best Australian Value fund managers about. We're in good company. Best of Luck.

I also declare an interest in Hunter Hall.