As you know, gentlemen, Signal Industries Ltd. have made an offer which would result in them acquiring a controlling interest in this company, if it were accepted. as a result , I have called this meeting of the Board. on the whole , I am personally inclined not to recommend its acceptance, primarily on the grounds that it would not be to our shareholders' advantage, although of course we are bound to consider it. The offer in itself is hardly generous – only five per cent above the present market price for our shares and the opportunity to purchase Signal shares in exchange . in other words , it seems to me that Signal have underestimated our recent recovery and I therefore propose that the Board should resist the bid, partly because of the marked improvement in our trading position but above all because I don't believe the bid as it stands can be taken seriously.