27 dollars a share - respectable bid for felix, page-24

I think we have all seen the current thermal coal price move steadily upwards to US$82.77 a tonne. Deloitte sees thermal prices at US$70 per tonne in 2015 whilst markets are indicating a US$100 per tonne figure.

The valuation by Deloitte was always questionable and now looks far out of line.
Felix will produce over 20 million tonnes of coal by 2015 and indicates profits between $500 and $550 million higher than they indicated.

Vote against this inadequate offer of $16.95 a share by Yanzhou's subsidiary Austar Coal Mine.