Ann: Change in substantial holding for NME, page-10

On market buy of NME by MCT will not happen.
The Review Panel have requested that NME issue
a new target statement in place of the previous one , due to
the fact that the initial statement was misleading due to the
omission of facts,
Also the panel stopped the CR because NME did not have SH
approval and the CR was considered as a spoiler tactic.
The Panel has requested NME engage the services of an independent
bid assessor to asses if the bid is fair and reasonable, the independent
assessor is to be approve buy ASIC, if this dose not eventuate , MCT
is to engage an assessor and costs to be met by NME,( Up to $50,000 )
So far there has been no action or any sort of response from NME Board,

AT present NME have aggregated a debt of approx $4 million dollars
to raise this sort of money the CR would have to be very heavily discounted
and this would dilute the NME SHs by about 40% and would still leave the company
with no operating cash.
I believe the MCT offer, taking all the above into consideration is more than fair.
When you consider the SBM T O offer for BDC.
BDC has an in ground resource 3.7 million ozs and
a reserve of 1.1 million ozs.
The offer was a 29% premium on the closing date price, on 17/12
and a 34% premium on the 30 day vwap , this is for a 3.7 ozs resource.
MCT offer is 37.5% for a company that has a $4 million debt.
That is more than fair and reasonable, in my opinion it is over priced.