Ann: Scheme Booklet registered with ASIC, page-39

I think that some shareholders of SLR (maybe just recent ones) seem to be a bit hard on Mr Tonkin.

When he first got involved with SLR some time ago, its Market Capitalisation had fallen to around $70m odd. Ten years later, the shareprice is roughly up 10 times what it was then and the Market Cap up 20 times. The company is producing profitable ounzes and generating free cashflow.

More recently, the SLR Board have engineered what is virtually an all-paper takeover bid for RED and done so in such a clever way (for SLR shareholders at least) that RED shareholders don't get a say in it.

If the purchase of RED helps SLR achieve in the next ten years what it has achieved in the past ten years, shareholders of whatever the company will be called won't have anything to complain about.

I'm not on the SLR register at the moment, but I'll be doing a bit of analysis of the situation post May/June if the proposed takeover succeeds.