Forum Archive Index - November 2001

["george souros" <g_sourous@hotmail.com>]

It seems strange since Watson/Cullen came out and twice stated they will not 
increase their bid price for PRG, the shareprice has not dropped to the 
level of their bid ($1.76). This either means that people believe the 
business is worth more than Watson thinks it is, or someone on the inside is 
snapping up all the small parcels of shares on offer. I,d say that there,s a 
very high probability , as Mr Gaynor so aptly stated in his business column, 
there are a lot of "clairvoyants" around when it comes to this attempted 
takeover!
On the subject of Gaynor, theres an interesting point from his Saturday 
column, where he now disputes the valuation of PRG by the Independant 
Valuer, Arthur Anderson. He states that Arthur Anderson,s valuation is too 
low due to the fact they have applied a discount of 30% to shares held by 
PRG,s non controlling shareholders and that this is incorrect under the new 
Takeover code, and that this 30% should be added back to the valuation, 
making the  price $3.04 to $4.23 per share!!!

I am definately hanging on to my shares and looking forward to Watson,s 
increased bid!

Comment appreciated

George

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