EXPOLANKA HOLDINGS PLC (EXPO.N0000)

MHS · **226** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Mon May 02, 2011 1:57 pm

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Personnelly i feel investors in this forum should think about the issues in this forum logically than get carried away with what every one is saying..

Okay let me explain it to you guys like this.. we first have to decide whether the share is in fact worth 14 rupees.. looking at the multiples it is valued at 14 times forward earnings.. with the industry currently trading above 18 times we can safely assume that it is below current market levels and fairly valued for an IPO.. hence the buy recommendations from all the stock brokers..

That brings us to the question if the 14 rupees is fairly valued then what is 6 rupees.. logic dictates that it is undervalued..

now coming to the unethicality of original shareholders.... they have sold 300 million shares worth 14 rupees for 6 rupees from which they lost 2.4 BILLION rupees and please note that the shareholders lost 2.4 BILLION from their own pocket and not company funds as it was a sell done. If it was company funds being lost then yes its unethical but this is a sell down..

I am sure no one will willingly miss out on 2.4 billion unless they have a solid reason to..

2011_NewComer · **227** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Mon May 02, 2011 5:42 pm

2011_NewComer

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There were many discussions on this.
Do a search on 'expo' and you'll get all

here are few
http://forum.srilankaequity.com/t3116-expolanka-pre-ipo-sell-down-creates-controversy
http://forum.srilankaequity.com/t2882p80-expolanka-facts-from-prospectus-valuation
http://forum.srilankaequity.com/t2961-expo-lanka-interview-with-ceo
http://forum.srilankaequity.com/t3170-expolanka-ipo

rizjiji · **228** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Mon May 02, 2011 7:46 pm

rizjiji

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Its the 5th largest freight forwarder in India... less than 14Rs. r u kidding me... if u r not interested.. then too bad, u r losing out on an awsum oppurtunity. Its profits went up by more than 150% after that 6 Rs transfer while the IPO price only increased by 133%. Some of those investors might sell there shares but most of them r long term investors & there will be many other long-term investors participating in this IPO. U'll C

milanka · **229** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Mon May 02, 2011 8:06 pm

milanka

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2011_NewComer wrote:There were many discussions on this.
Do a search on 'expo' and you'll get all

I could see a much improved '2011_NewComer' here .. Great improvement.

cse.alpha

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Did Expolanka Holdings sell Expo Aviation to a related party?

A lot has been said of the discrimination coming from the Rs6/- private deal of Expo in December 2010 and the Rs14/- public IPO just five months later. Were the promoter-Directors misled by advisors John Keells on the Rs6/- deal (where Keells was one of biggest investors), or are investors being taken advantage of at Rs14/?

Much less has been said of the sale of two Expo group companies just before the IPO, Expo Aviation and Denshun.

Little has been said on this sale in the Expo IPO Prospectus, except for capital gains of Rs.313 m, but extracts from press articles below hint that Expo Aviation and Denshun have been sold to related parties.

No detailed disclosure seems to have been made in Prospectus on this alleged related party sale.

What assurance do investors have that these alleged related party sales were done on an arms-length basis on commercial terms, and that minority shareholders of Expo have not been disadvantaged? Shouldn't the SEC and CSE look into this lack of disclosure?

http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=24285

He said that Expolanka restructured its operations prior to the forthcoming IPO to enhance shareholder value by divesting some loss making businesses within the group.

These loss-makers were purchased by members of the Kassim family which controls Expolanka Holdings and they used the proceeds of the sell down of their Expolanka shares to purchase the loss making companies from the parent.

http://print.dailymirror.lk/business/127-local/42033-expolanka-divests-two-subsidiaries.html

The two companies of the group disposed completely were Expolanka Aviation and Denshun Industries. The subsidiary sale has earned a capital gain amounting to Rs.313 million.

http://www.lbo.lk/fullstory.php?nid=688640706

Expo Aviation was previously part of the Expolanka group.

The aviation business has been spun off from the parent company, Expolanka Holdings, which is to raise 2.4 billion rupees by issuing 172 million ordinary voting shares at 14 rupees each in an initial public offer on May 12.

"The reason we divested Expo Aviation from Expolanka Holdings is that it's a high-risk profile company and we did not want to expose Expolanka Holdings shareholders to the potential high-risk environment of aviation," a group spokesman said.

bandu7 · **231** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue May 03, 2011 12:41 pm

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Buy this share at the secondary market.It will come below Rs.10

avilon · **232** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue May 03, 2011 10:26 pm

avilon

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bandu7 wrote:Buy this share at the secondary market.It will come below Rs.10

How can we expect a price below 10/-.What are the facts.Most of the reports says that the IPO is fairly valued.Will the selling pressure exceed the buying pressure.

kavi84 · **233** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue May 03, 2011 10:40 pm

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Avoid the Hype
It's important to understand that underwriters are salesmen. The whole underwriting process is intentionally hyped up to get as much attention as possible. Since IPOs only happen once for each company, they are often presented as "once in a lifetime" opportunities. Of course, some IPOs soar high and keep soaring. But many end up selling below their offering prices within the year. Don't buy a stock only because it's an IPO - do it because it's a good investment.

http://www.investopedia.com/university/ipo/ipo2.asp

CHRONICLE™ · **234** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 1:50 am

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Osama is dead. But expolanka is alive. Expo aviation is good. Independent directors are good. Future profits very very good. IPO' is going to be a roaring success... Just like any other IPO. Retail investors are the best suckers,,, teach em a lesson..

dinusl · **235** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 8:55 am

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Avinash wrote:Osama is dead. But expolanka is alive. Expo aviation is good. Independent directors are good. Future profits very very good. IPO' is going to be a roaring success... Just like any other IPO. Retail investors are the best suckers,,, teach em a lesson..

I don't agree with this....This will gonna fail for sure...who says company perform well ? they gonna issue this for cover the loans.

This is going to be a worst IPO forever.

duke · **236** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 9:01 am

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avilon wrote:

bandu7 wrote:Buy this share at the secondary market.It will come below Rs.10

How can we expect a price below 10/-.What are the facts.Most of the reports says that the IPO is fairly valued.Will the selling pressure exceed the buying pressure.

If I remember correct, owning family of Expo Lanka sold over 300 million shares at Rs. 6 each few months ago to companies and big investors. Now at the IPO Expo Lanka is selling another 172 million shares at Rs. 14. 300 million + 172 million + all other shares are going to be listed in the CSE. So if you're one of those big investors you can sell them at Rs. 9 and get about 50% profit easily. But you have paid Rs 14 per share and could be watching people buy the same share at Rs. 9 in the market. The possibility.

Soundchips · **237** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 10:23 am

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people have lost interest ..on all IPO..... market prices of stocks are .. better bargains....

marketsee · **238** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 10:26 am

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I will buy only 2000 expo shares. If price drop below IPO price I will average my price.I think this was one of best stock to invest long term.

Niggard · **239** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 1:42 pm

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Thousands & millions of thanks for everybody for enlightening me on this matter, unless otherwise, I would jump into this.

Niggard_

milanka · **240** Knowledge sharing Wed May 04, 2011 2:01 pm

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Niggard wrote:Thousands & millions of thanks for everybody for enlightening me on this matter, unless otherwise, I would jump into this.
Niggard_

That's the advantage of being a member of this forum – Knowledge sharing.

kam2011 · **241** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Wed May 04, 2011 11:01 pm

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Avinash wrote:Osama is dead. But expolanka is alive. Expo aviation is good. Independent directors are good. Future profits very very good. IPO' is going to be a roaring success... Just like any other IPO. Retail investors are the best suckers,,, teach em a lesson..

Dear friend, EXPO AVIATION is already taken out from EXPOLANKA I beleive.PL. check.

MarketSIRA

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Any Idea!

You know guys Expolanka may be the next John Keells and Aitken Spence;

in my opinion-Institutions and a set of High-net-worths are creating a bad picture about it so that retailers will not buy Expo and it will pave those big shots to buy Expolanka shares in big parcels from IPO.

in my opinion-Expolanka is may be a good BUY-because it is a solid entity and big investors may know that it is worth buying at even Rs.14 per share. And they may keep it. No one may not sell it on the first day of listing.

Expolanka is not a WAPO, not a GREG, not a CLPL, not a DPL, not a VANIK or not a HDEV or not a SINGALANKA

Even a shell company like WAPO had invested in Expolanka because they may think it is worth buying

Expolanka is a company that has a strong business with having a majority of Airline and Freight forwarding business in the country and other countries in the region.

Imagine if it has become a regional Sri Lankan conglomerate that has made a name in other countries in Middle East, Africa and Asia.

Comments are welcome!

Last edited by mark on Mon May 09, 2011 7:28 pm; edited 1 time in total (Reason for editing : deleted some points which giving direct buy implications,and edited accordingly as suitable for express user's opinions)

tubal · **243** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 8:26 am

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The only thing that needs to be said is that they sold it @ 6.00 to JKH and CARS and want you to pay 14 for the same share.

TuskerLK · **244** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 9:42 am

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Well said MS....

I'm also positive with the Expo IPO, even though the placement took place at the price of 6, it doesn't matter as far as we get our return, it's true that there is a risk of major guys dumping the market with the placement shares, but i'm quite confidant they are smart enough not to kill the hen to quickly get all the golden eggs...

there are no investment without risk, Expo placement controversy also one such risk we face, but I would like to take the opposite decision, being bullish when crowd is bearish...

Hope you all may remember the revenue recognition problem in LGL, it was a major argument those days, and later the share proved it peak..

For me Expo will be a medium term investment with a good potential, my expectation is to hold the share for couple of months...

Up to you guys to make the decision..based on your own analysis,reasoning and risk apatite. don't blindly follow the crowd....

milanka · **245** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 9:47 am

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This is the interview the director of Expo lanka had with Reuters. I am including here for completeness.
http://www.ft.lk/2011/05/07/expolanka-ipo-adds-new-conglomerate-to-sri-lanka-bourse/

As for me I would consider buying Expo at the correct time but not thru the IPO due to obvious reasons. ( these were discussed in great detail in this forum previously)

amibroker · **246** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 10:09 am

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MarketSIRA wrote:Any Idea!

You know guys Expolanka is the next John Keells and Aitken Spence;

Institutions and a set of High-net-worths are creating a bad picture about it so that retailers will not buy Expo and it will pave those big shots to buy Expolanka shares in big parcels from IPO.

Expolanka is a good BUY-because it is a solid entity and big investors know that it is worth buying at even Rs.14 per share. And they will keep it. No one will sell it on the first day of listing.BIG timers like John Keells and Softlogic knows it is a good company to keep in your investment portfolio.

Think wise as retailers we should not miss this share and cry after another year 'That I missed Expolanka' to buy...

Independent analysts say some of the strategic investors might offload their parcels when trading commences. Offloading the shares at the IPO price of 14 rupees would give investors a return of 8.00 rupees in little less than seven months.

Source - LBR/LBO

Expolanka is not a WAPO, not a GREG, not a CLPL, not a DPL, not a VANIK or not a HDEV or not a SINGALANKA

Even a shell company like WAPO had invested in Expolanka because it is worth buying

Expolanka is a company that has a strong business with having a majority of Airline and Freight forwarding business in the country and other countries in the region.

Imagine it has become a regional Sri Lankan conglomerate that has made a name in other countries in Middle East, Africa and Asia.

Comments are welcome!

Independent analysts say some of the strategic investors might offload their parcels when trading commences. Offloading the shares at the IPO price of 14 rupees would give investors a return of 8.00 rupees in little less than seven months.

Source LBR/LBO report

TuskerLK · **247** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 10:22 am

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amibroker wrote:

Independent analysts say some of the strategic investors might offload their parcels when trading commences. Offloading the shares at the IPO price of 14 rupees would give investors a return of 8.00 rupees in little less than seven months.

Source LBR/LBO report

They are not fool enough to kill the golden hen at once...if they wait for some time leaving the share to consolidate they can earn more than 8 rupees within 12 months...

Academic · **248** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 10:51 am

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MarketSIRA wrote:Any Idea!

You know guys Expolanka is the next John Keells and Aitken Spence;

Institutions and a set of High-net-worths are creating a bad picture about it so that retailers will not buy Expo and it will pave those big shots to buy Expolanka shares in big parcels from IPO.

Expolanka is a good BUY-because it is a solid entity and big investors know that it is worth buying at even Rs.14 per share. And they will keep it. No one will sell it on the first day of listing.BIG timers like John Keells and Softlogic knows it is a good company to keep in your investment portfolio.

Think wise as retailers we should not miss this share and cry after another year 'That I missed Expolanka' to buy...

Expolanka is not a WAPO, not a GREG, not a CLPL, not a DPL, not a VANIK or not a HDEV or not a SINGALANKA

Even a shell company like WAPO had invested in Expolanka because it is worth buying

Expolanka is a company that has a strong business with having a majority of Airline and Freight forwarding business in the country and other countries in the region.

Imagine it has become a regional Sri Lankan conglomerate that has made a name in other countries in Middle East, Africa and Asia.

Comments are welcome!

Accepted subject to tubal's and amibroker's arguments. Seems a mudslinging is going on, specially through media. What does this imply?

smallville · **249** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 11:01 am

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MarketSIRA wrote:
Expolanka is a good BUY-because it is a solid entity and big investors know that it is worth buying at even Rs.14 per share. And they will keep it. No one will sell it on the first day of listing.BIG timers like John Keells and Softlogic knows it is a good company to keep in your investment portfolio.

This is what we call being long term investors of a company buying with greed of a rising sun..
I'm not saying Expo is not a conglomerate, a good company, etc... We're only suspicious abt the foolish mistakes directors 've done selling shares at 6 when the company was worth 14..
Now they can say they've got the valuation reports delayed blah blah.. but are we not intelligent enuf to understand that their statements misleading investors?

Also the prospectus doesn't indicate very clearly of a share sell off as per my understanding.. Why they ignore the facts???

Now we're not sure whether WAPO will dump shares on the first day or not at whatever the price this comes in.. it can even be 20.. but if this goes below 14.. we're gonna sink as WAPO or JKH can buy back low for a long term investment without any trouble.

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ExpoLanka Holdings Ltd’s initial public offering next week will give investors discounted exposure to Sri Lanka’s post-war growth story, balanced with regionally diversified operations, the family-owned conglomerate’s chief executive said on Friday. At 2.4 billion rupees ($21.9 million), ExpoLanka’s debut will be the biggest IPO so far in 2011 on the Colombo Stock Exchange, which has for three years running been Asia’s best-performing bourse.

So far this year it leads Asian peers with a 10.3 percent return, after last year’s 96 percent. The bourse began to turn around in early 2009, when it became clear the government would defeat a 25-year separatist insurgency that ended in May 2009.

ExpoLanka is among Sri Lanka’s biggest conglomerates, which are traditionally seen as the safest counters on the bourse.
“I have a Sri Lankan company which is international to some degree. Our risk is mitigated by the business we do in the region,” group Chief Executive Officer Hanif Yusoof told Reuters in an interview. The 33-year-old company has interests spanning 11 countries in Asia, the Middle East and Africa, including India, Pakistan, Kenya, South Africa, Indonesia, Vietnam, Madagascar and the United Arab Emirates.

It derives 71 percent of profit from transportation businesses, including logistics, travel, shipping and representation agency agreements for 13 airlines. It focuses in particular on servicing Sri Lanka’s garment industry. It also has interests in agricultural import and export, manufacturing of paper and bioextracts and has strategic investments in tertiary education and business process outsourcing, both now government prioritised sectors ExpoLanka has long been involved in.

Although operating in different businesses, conglomerates John Keells Holdings, Hayleys Plc and Aitken Spence are among the favourite picks on the CSE.
“When you look at the whole thing for investment in Sri Lanka, multiples are far too high for foreign investors to come to the market,” Yusoof told Reuters.
Keells has a 12-month forward price-to-earnings ratio of 19.3, Hayleys 20.8 and Aitken Spence 20.4, based on Reuters and Thomson Reuters StarMine data. The overall bourse has a 14.3 percent P-E ratio.

ExpoLanka is offering 172 million shares at 14 rupees each, based on a P-E of 14-15 against forecasted 2011 profit of 1.8 billion rupees. It earned 1.3 billion rupees before interest and taxes against revenue of 23.7 billion rupees in the financial year ended March, 2010.

The company plans to use 1 billion rupees of the funds raised for working capital, 908 million to restructure debt and 500 million to expand existing warehousing capacity, Yusoof said.
“I want to go to emerging markets and I don’t want to go to matured countries. Today, I want to be a strong regional player. Emerging markets have been my strength,” Yusoof said.

ExpoLanka’s growth has mirrored significant economic events in Sri Lanka’s history, having started as a fresh produce exporter in 1978, the year the government liberalised the economy and encouraged and “Export or Perish” mentality.

Yusoof said the availability of new land in the former war zone in the north and east will provide a growth opportunity for ExpoLanka’s agricultural exports. “I just cannot cope with the orders I have,” Yusoof said.

http://www.ft.lk/2011/05/07/expolanka-ipo-adds-new-conglomerate-to-sri-lanka-bourse/
By C. Bryson Hull and Shihar Aneez
COLOMBO (Reuters)

uditha9 · **251** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:18 pm

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milanka wrote:This is the interview the director of Expo lanka had with Reuters. I am including here for completeness.
http://www.ft.lk/2011/05/07/expolanka-ipo-adds-new-conglomerate-to-sri-lanka-bourse/

As for me I would consider buying Expo at the correct time but not thru the IPO due to obvious reasons. ( these were discussed in great detail in this forum previously)

agreed

uditha9 · **252** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:25 pm

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uditha9 wrote:

milanka wrote:This is the interview the director of Expo lanka had with Reuters. I am including here for completeness.
http://www.ft.lk/2011/05/07/expolanka-ipo-adds-new-conglomerate-to-sri-lanka-bourse/

As for me I would consider buying Expo at the correct time but not thru the IPO due to obvious reasons. ( these were discussed in great detail in this forum previously)

agreed

agreed . whatever is said &done they sold shares to rich companies at 6 then asking poor retailers to pay14.i will buy expo from secondary market at 11/

milanka · **253** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:41 pm

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uditha9 wrote:whatever is said &done they sold shares to rich companies at 6 then asking poor retailers to pay14

@uditha9 , We have to look at it in this angle as pointed out by @smaalVille ,

uditha9 wrote:We're only suspicious abt the foolish mistakes directors 've done selling shares at 6 when the company was worth 14..

xhora · **254** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 6:07 pm

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What about this scenario.

Big guys who brought at 6 dump their lot at 14..
this will say will bring down the price to say around 7~8.
They then buy back in to EXPO. Very Happy

that is not killing the golden hen but making it more fatter

econ · **255** Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 6:32 pm

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Why do we need to apply for this IPO with a substantial risk, if we think EXPO has a long term value?. we can buy it in secondary market. So I am not going to apply for the IPO.
I may buy in the secondary market.

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EXPOLANKA HOLDINGS PLC (EXPO.N0000)

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248 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 10:51 am

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249 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 11:01 am

smallville

250 Expolanka IPO adds new conglomerate to Sri Lanka bourse Sat May 07, 2011 12:17 pm

Quibit

251 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:18 pm

uditha9

252 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:25 pm

uditha9

253 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 4:41 pm

milanka

254 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 6:07 pm

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255 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat May 07, 2011 6:32 pm

econ

256 Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000)

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