xstrata v hanlong, page-12

For some time now I have been saying that the expectations of a lot of SDL holders were unrealistic in placing a value on SDL. They continue to value it by relating the value to the value of FMG. That is not reasonable considering the timing of both projects, the need for considerable funds to bring the SDL project to production and the soverign risk.

The 50c per share offer is low ball but I have always considered that I would exit at 60c considering my investment was timely at 10.5c. Holding beyond 60c is a reasonable proposition but I consider I can find better investments than SDL at that value.

Not what most will want to hear but that is my opinion.