why , page-23

With regret I have to advise that I have now completely exited my sizeable BOW holding. Last tranche went today.

Made the decision to sell after a face to face meeting with key player in the takeover discussions.

I am not sufficiently convinced that another bid will be forthcoming to hold out for a higher price. I have already deployed two thirds of the funds into a gold stock and an iron ore play.

I think we have been robbed, but don't blame the BOW board and management, for recommending $1.52.

(I expect my gold play to yield 50% gain in next 6 months which would notionally yield $2.26 per each BOW equivalent).

Good luck to all existing holders. I do hope you get a better deal, but I'm not confident that it might eventuate.