Ann: Chairman's Letter to Shareholders , page-3

TU from me.

The offer is distinctly average. You've gotta love all the talk about the great progress they've made the past few years (all true) and then the disappointment at the lack of share price performance (again, true) but then its followed by well lets roll over for a 30% premium on a depressed shareprice and pretend its a decent deal.

In 5 years I'd wager we'd be significantly better off if NGF stayed independent. 35c would've gotme over the line. This won't. Wonder what the big resource/gold funds like Sprott are thinking. Don't want to be a minority like the GDO minorities but this deal is not flash by any stretch.

Directors are soft IMHO - thats the most disappointing aspect. They shouldve said Zijin you can go hostile but we're not recommending. And as for it being a 27cps offer its not - the lack of franking makes it 26.4c offer and for anyone outside Oz its give or take 26c.