its not over yet..., page-4

WQL,

There was certainly justification in rejecting the 63c offer, because it was little more than 50% of the $1.20 face value. I voted against the 63c offer too. However, the current 95c offer is at 80% of the face value, so the upside from here is limited, even in the best case scenario.

If CMI does not pay dividends, the retained cash only makes the ORDINARY shares more valuable – this retained cash DOES NOT accrue to the CMIPC. As the value of the company rises, only the value of the ORDINARY shares rises.

The price of the ORDINARY shares is not suppressed and will not “continue” to be suppressed – it will likely just continue its upward trajectory. If the buyback is defeated, it is only the price of the CMIPC which will be suppressed. This could last for 10 years, or longer. The value will continue to accrue to the ORDINARY shareholders, then in say 10 years’ time, the board will sell the assets and wind up the company. This will finally deliver $1.20 to the CMIPC holders and probably $20+ to the ORDINARY shareholders.

You say that everything comes to he who waits. Well, if it were not for Trojan Equity’s legal action, we would all still be waiting for an opportunity to exit CMIPC, and probably waiting for many years to come. So if Trojan Equity does not continue with their legal action, who is going to initiate the next round of legal action to force another buyback? WQL, I ask you again if you have a fighting fund arranged and who is going to run your legal case?

Given your view, I cannot understand why you would not take the 95c and then fill your boots with CMI ordinary shares (which is what I’m planning to do).