nice try.

A consisting of
Alison Deans and David Kingston, Managing Director of Investment Bank
Rothschild, has overseen the process and preparation of shareholder
documentation for this proposal.

CEO, Alison Deans has recommended that shareholders vote in favour of
the proposal after noting "I do have a financial interest in the
outcome of this vote due to the options I hold in ecorp. This
interest is disclosed in the shareholder documentation. In making my
recommendation, I have focused solely on my responsibility to ecorp
shareholders".

A committee, independent of the PBL Groups' interests.

1. Alison Deans is employed by ecp and ecp is 75% owned by PBL. PBL will be Alisons's new employer. Just HOW independant is that.
2. Is Alsion a shareholder or option holder ? What happens to employee options ?
3. Independant report based on todays profit announcement and no reevaluation of the ecp businesses that were DELIBERATLY kept with low Valuations over 2002.
4. The ASA has called this bid insulting and inadequate.
5. Price range of 0.45 - 0.47 - no price for future profits.

It will bear closer inspection as to the recommendations and the validity of the KPMG report.

Singas