I will probably sell into this offer and I think the directors...

I will probably sell into this offer and I think the directors may eventually look on it favourably as it is in effect a $1 offer and close enough to realistic value considering the LCL management forecast is pretty optimistic...may go a little higher yet but would need another bidder who would get synergies similar to Gerard which is doubtful.

The one leverage LCL management has is the big special divvy payout carrot but this is a oneoff and would reduce future growth prospects.