spoke with company..., page-24

SP3...

I guess the downside of owning so much stock, as the parent of both companies, is that they would be exempt from voting on such a deal.

If it is not attractive to the rest of the shareholders, it would not go through.

I cannot see any benefits in breaking up the Elouera/Avandale synergy...so given this represents about 98% of GUJ's current value, relinquishing it in what ever form, will need to represent adequate value to shareholders.

As I said, whilst clearly they will want to limit total acquisition costs, the fact the parent is so heavily involved in both sides, the benefits of screwing GUJ is diminished to a large degree...certainly to the extent that they would not likely bother with any activity that may be viewed as not being at arms length in monetary terms.

They have had enough teething problems with the ASX in both their recent listing efforts (INR, GUJ)...I hope they realise the benefit of not attracting more problems?

The benefits to INR, in my view, mitigate the process to the extent they will want to avoid delays...or any issues that may cause difficulties with the authorities.

The risk/reward scenario simply does not support squabbling over an effective $10m or so net cost, when such behavior could ultimately stand in the way of a likely $500m+ entity.

Just my thoughts...but anything is possible I guess.

Cheers!