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Analysts Support PBL's Offer

23 June 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "PBL's sweetened $600 million (US$412.5 million) cash bid for Perth's Burswood Casino has won support from stockbroking analysts although the target has yet to offer an opinion, despite recent talks.

"On Monday, PBL promised to add 6c to its original $1.40 a share offer, but on the conditions it reached 90 per cent acceptance and received the blessing of Burswood's board.

"…The new offer only went half way to covering the gap between PBL's opening offer and the $1.52 per share minimum valuation determined by Burswood's independent expert.

"But a number of analysts backed PBL's view that the report relied on double counting to reach that figure…"

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