Mr VXR, Bill Beament, page-85

Having just read the Notice of Meeting, shareholders would be crazy to vote in favour of the issue of the placement shares and consultant options to the "acquirers and their associates" given the cheap entry price, level of control and potential for massive dilution to existing shareholders. The transaction also doesn't deliver the required financing to get Sulphur Springs into production.

The fair and reasonable qualification and low-ball post transaction NAV valuation by the independent expert is laughable and completely ignores the feasibility study which at the current copper price would shoot the lights out. If you believe their NAV valuation, then VXR will be back to 6 cents post the transaction.

NST has had its foot on VXR for many years, has arguably capped the share price and now control of a very valuable asset is potentially being passed to its departing Chairman for a gift. If I was a member of the "Independent Board Committee" I wouldn't be recommending this transaction to shareholders at the current copper price and would be talking to MIN and other potential interested parties about a more favourable funding arrangement .