Should pay PREMIUM, page-4

There is no way the board of a company growing this fast dare meekly submit to a takeover bid at the barest premium to the existing share price.

This may fall over, but IOOF will regard this as about their last opportunity to buy a ready made modern platform. They could easily spend this amount on just trying to develop one, and may have already done so.

This is not a company dressed up for sale. It is just entering its profitable phase with a slightly geometric progression.

For the arbitrage portion of my portfolio this is still a buy at $ 2.70. If the bid falls over, there will be some modest short term downside. If not, either IOOF will have to pay $3.25 or so or someone else, perhaps BT (who also could do with a decent platform) may come in over the top.