gindalbie accepts $162.1m ansteel share at .85, page-66

Thanks all. Michael Weir kindly followed me up just ensure we're all perfectly clear on what was previously communicated. As a shareholder you know you're associated with a really sharp mgt team when you get such tremendous service. However, it would appear my undercover nic "XXXX" has been blown. LOL.



"Hello XXXX(Denial),

I think some of your friends on Hotcopper have not properly read the sentence. "If GBG doesn't agree to the off-take deal being offered by AnSteel, they do not fulfil the conditions of the JV and will forego their 50% stake in the project. Clearly GBG will not agree to anything that does not make money for shareholders and clearly AnSteel does not want to lose the project."

"They" refers to Ansteel (as the last subject referred to in the sentence). Gindalbie is not at risk of losing the project. I worded the sentence like that so people could see this is a two-way agreement and Gindalbie is in an equal negotiating position to AnSteel. If AnSteel were to put a ridiculous pricing proposal to Gindalbie, we simply would not accept it and AnSteel risks losing the project. Sure Gindalbie needs a buyer, but equally AnSteel needs what we have - a multi-billion tonne, long life iron ore supply.

Regards,
Michael"