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say no!

  1. singas

    2,961 Posts.

    Singas, have you looked at the make up of the profit figure? The operating profit before tax (excluding the non-recurring items) was $1.4 million. Of this $1.4 million, $3.2 million was interest on the proceeds of the sale of Ebay. Without this interest ECP would have recorded a loss which implies that its other businesses are noting making a profit.

    If the takeover is not approved I believe the shareprice will fall very quickly and it will be a very long time before it gets near 55c again.

    I will be voting yes to the takeover and I believe you would have to be stubborn or stupid not to accept 55c for them.


    Interesting that someone who owns ECP shares would like to see a decline.

    The valuation put on ecp by the auditors was 0.475 - 0.495 - this places tha only offer on the atble as " Fair".

    Well sod to that.

    The valuation of ecp has always been caluculated as blue sky and " Internet Investment"

    So far ECP have not burned our cash and have invested 12 million in Ebay anz and turned that to a profit of $120,000,000.

    Thats good business and was a VERY bright spot on the PBL balance sheet last year.

    Thus, If you pull your head out of your ar$e you might reflect that this board and indeed the market are using out of date valuations on the portfolio of assets. Indeed, at the hight of the tech boom it was impossible to value these companies. We looking at the capital appreciation of EBay - you must reevaluate the other properties.

    How much is Monster Asia and NINEmsn valued at ? Particularly if NEXT gen hotmail is charged ?

    This offer was announced with all the vigor of a funeral. If their had been no offer on the table - then ECP would have shouted from the roof tops.

    Their is also the matter of Options held by the staff - are these options being payed out in house by the Packers. ?

    Personally, Big Kezza saw a $120 Million gift and is now taking advantage of a soft market. The valuation is insulting and does not reflect the profit of ECP and a reevaluation by the market of the other businesses.

    Say NO and attend the meeting !!!!!


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