Ann: Norwest Directors Unanimously Recommend MinRes' Revised Offe, page-107

I was not even going to look at hot copper tonight, id just finished some work and was getting ready to make dinner...lo and behold an email from Iain wanting to touch base and explain boards position. I thought WTF? ...

I then checked for announcements to see what he meant...WTF indeed. I still have not read the text of the announcement...excrement goes straight to the toilet.

I sensed some apprehension/weakness in his voice when I talked to Iain last year and earlier this year, and the thought did cross my mind there was something going on behind the scenes. He did not sound like someone who was gung ho ready to take on the world...I quizzed him about canvassing lenders, GSA's the sorts of things you start lining up, even tentatively, in anticipation of the four drills and 3D coming up and I did not get the sense much work had been done in that area.

Absolutely gutted by this. Instead of bonus shares, I vote we give each director a kilo of cucumbers and bananas.

To my mind there is some thing more in this rig delay than meets the eye. When they said they just signed the rig agreement, that tells you MIN was buggerising around with contract terms etc back and forth, delaying the signing of contract to the last minute to help them achieve their aim of causing delay to deflate shareholders wanting to see some action (this was scheduled to start drilling in Dec). And certainly there was a reason why NWE stopped posting the updated top 20 and it wasn't bs privacy etc.

Hang tight folks. They can only take the shares off your hands if you let them.

As for forming an association, this hot copper forum is enough for the time being. Tell anyone you know is a holder to hang on. Soon we will see how many CE and Gina have mopped up via acceptances and then under the radar via their brokers and friendlies. Even if MIN gets 50% there are provisions there for protecting minority shareholders and the show will go on. MIN want this project to go ahead. NWE as a minority JV partner will have to go along for the ride, in accordance with the terms of the JV agreement - which give NWE equal veto powers. And as the drills are done and the resource is upgraded, the price will keep on increasing. They will have to pay more, the longer you hold out.

I will make enquiries about the practicalities of managing a minority shareholding, including director representation and access to company records. Im in my 50s, semi retired, fire in my belly and in the Top20. NWE directors can go to the far queue.