Ann: Supplementary Bidder's Statement, page-13

That other masthead, stock..&..head, posed some interesting questions on this today.

They noted that PRU is much bigger in market cap than both ORR ($250 mc) and SVM $(550 mc).

They wondered if PRU might be thinking to accept the SVM offer and then use the shares gained as a basis to potentially go after the merged company, thereby gobbling up both ORR and SVM. It's an interesting idea, but unlikely I think, given that SVM is basically a Chinese company.

ORR's price is now down to 53 cents, and PRU paid 52 cents for their shares, with the SVM offer of cash and scrip equivalent to about 58 cents now, not a big profit margin for PRU.

I got the impression that PRU were interested in being a major funder of the ORR project but did not particularly want to take it over and manage all of the mine development, thinking of it more as an investment. However, it's quite clear now that the ORR directors do not wish to become mine developers and are much more interested in a liquidity event. This may have thrown a spanner into the works for PRU.

PRU may even decide to back out now, if other opportunities arise in the short term.

With only needing 50.1%, it's looking like SVM are in the box seat again, while PRU are silent.

And it looks like SVM and it's backers and shorters are slowly depressing the ORR price so that the SVM offer looks more attractive - but surely they'd never think of doing this, and manipulating the market in this way, would they? (wink, wink).

Gw