Refresh Group Limited – half yearly report 2006

Extract from Directors Report, page 3

Managing Director - Henry Heng

REVIEW AND RESULTS OF OPERATIONS

Shortly after our successful listing on the Australian Stock Exchange, we attempted to put together a takeover of Palm Springs Limited (PSL) as we believe we could capitalize on the strength and synergies of operating the two companies as one.

Unfortunately, directors of PSL recommended that shareholders accept a cash offer from Coca Cola Amatil and refused to allow us due diligence, without which, we could not proceed with an alternative offer.