takeover extended to 31 january 2008, page-3

The asterisks ** denote sections copied from this afternoons announcement

Why I wonder why would XNA extend the offer by more than 1 month, thereby giving people the right to withdraw?

It opens up the field to a competing bid --- I assume everyone except the JBM board who have a binding agreement to sell to Xstrata @ $23 (unless XNA lift their bid and win control) --- can now withdraw.

I personally am prepared to wait --- their may be short term pain --- but the reality is for many that a script bid by a listed Australia company at less than $23 would be a more attractive offer …. after allowing for tax consequences …. So a script bid just over $23 would be a far more attractive alternative

Certainly it will give rivals another chance to have a look ...I don’t know for how long the right to withdraw lasts.



** As at 10am on 07/12/07, XNA and its associates had a relevant interest in 26.99% of JBM shares, comprising 35,264,001 shares out of 130,628,822 shares currently issued

** In addition, as at 8am on 07/12/07, shareholders holding 9.13% of JBM shares had tendered acceptance instructions into the Institutional Acceptance Facility (IAF)

So Xstrata has 36.12% of the total issue shares.

BUT

** As this variation results in XNA varying the offer in a way that postpones for more than 1 month the time when XNA has to meet its obligations under the bid, each person to whom XNA has made an offer, and who has accepted the offer, has the right to withdraw their acceptance in accordance with section 650E of the Corporations Act.

Offer extended from17th December until 31 January.