possible takeover, page-5

You should read the broker reports on cbh, our wonderful management has committed us to approx $200,000,000 in debt via convertible notes. As reported, the notes are a poison pill to any takeover possibility as once someone has acquired 51% of cbh, the Con Notes become immediately repayable in full. We simply do not have the funds to repay this debt and therefore it would bankrupt the company if a takeover were to occur. Essentially, despite the bullish paper valuations of development and exploration by management in our accounts giving us a positive balance sheet value, our net worth is basically negative.

Therefore unless the various noteholders agree to change the terms of the Notes (their failure to do so seems to have scuttled the PEM deal) we shareholders don't have the benefit of any possibility of a takeover and therefore no chance of a takeover premium in our share price.

watching the share price change by part of a cent on a daily basis is not a substitute for the fact that we are stuffed as a company, high debt, a poorly performing and difficult asset, no quality exploration and the possibility of a takeover completely blocked.

Management simply making another bullish announcement without substance does nothing but continue the smoke and mirrors charade that has been cbh.

Done my dough I'm afraid.