targets statement, page-6

Looks like the market was thoroughly underwhelmed by the Target's response and Kiernan has started to light the blow torch. TTY picked up another 2m today so are creeping towards 40%.

Of course he has the secret weapon in that if he gets anwhere near control, his potential board selection would be enough to cause the longterm and battle scarred holders who know the form all too well (and it seems much better than MJK) to stampede for the exits.

On reflection, the assumption underpinning the valuation of OLY being able to raise $12m by issue of shares at 10 cents does seem extremely ambitious and if one looks at every capital raising undertaken in OLY's history they have been progressively at lower prices (with softer and softer option deals) than the last as the share price slid from 20 cents in August 2004 to 6 cents immediately prior to the Bid.

It looks to me that this is getting very close to the point of no return with the bid staying open to 26/4 TTY will just keep nibbling away.

It is also so reassuring to see the level of confidence that the directors (apart from Baxter and Gazzard) have in the company. If they really believed it was so, so, under- value, why didn't they buy truckloads at six cents and why aren't they wading in now and buying on-market?

Sadly like most things here, all hot air and p*ss. Just take the free options and play the other people's money game.