SCT - Scott Tech

[Snoopy]

"Takeover Bid offers Premium"

Today I sent away my acceptance form to acquire more SCT shares at $1.39. I don't want to miss out on that! However, I have retained my voting form for the scheme of arrangement pending attending the Scott Technology investor roadshow.

There are a couple of major weaknesses in the Northington Partner's analysis that I am unhappy with. These are important because Northington's are using an EBITDA metric for valuation purposes. I believe both the 'I' and the 'DA' have not been adequately assessed by Northingtons. The result of these undervaluations is that true underlying EBITDA has been significantly undervalued by Northingtons and that in turn means their fair share valuation for SCT is too low.

SNOOPY