Baker hints at optimism

By Dita De Boni

Ernest Adams has urged shareholders not to sell their shares and vaguely hinted at good things ahead for shareholders.

Speaking from Australia, chairman Michael O'Neill said the company had been discussing strategic alliances with international and domestic industry bodies for the past six months, but heard a rumour last week that an interested party was likely to be bidding soon.

Mr O'Neill told the Business Herald that the bidder was "not a substantial shareholder".

Ernest Adams reported a $1.2 million loss for the year to March, with non-recurring costs of $1.5 million including $927,000 in redundancies.