Ann: Q&A on the merger of QBL MCL and Medcan, page-50

All I am saying is the this deal increases the ownership of MCL by 2% for current holders and we giving up 43% of all other assets. Implies that MCL is worth a lot relative to Bauxite, AEB and cash. Just doesn’t add up.

Don’t forget management is claiming that they have created a lot of value in MCL and I agree. I don’t think AK could have taken MCL to where it is today, so why are we paying through the nose for this. Bad result and the market has judged it to be so!