who is blackrock, page-7

Hi Whitelight,

I think my view of this takeover is well known. One can only hope this bid will fail.

As I said in my other post today, I am disgusted that there has been no mention by Anvil Management or MMR as to what will happen to Anvil employees or the social development programs in the DRC.

There are so many things about this deal that just stink.

I doubt Blackrock is going to be holding a blocking stake. However there has been huge turnover on the TSX so who knows what is being held by possible rivals. Blackrock know they can get C$8 guaranteed. So it's a sure bet for them.

If there are serious other rivals as reported in the AFR on Monday(they need to get a move on!) Blackrock might be able to extract a higher price from rival bidders or MMR?

The $A exchange rate today has been quoted by some of the domestic banks as low as $7.25. As Miningnut has said on several occasions, we simply do not know how or what rate Computershare will exchange at. Possibly poor retail rates rather than wholesale Treasury rates. It's not clear.

So we can look at XE.com and see right now C$8 equals A$7.60, but we might get something substantially lower.

Because of the poor exchange rate I am looking at a CAD foreign currency account that is offered by some of the large international banks. i.e. HSBC & Citibank so you can at least deposit C$8 and exchange into $A if and when the rates move back. Or you just hang on to a C$ cheque until the rates move.

The CEO of MMR has appealed to Anvil shareholders to quickly accept this bid. He doesn't want to see shareholders holding back for a higher offer. Well, I can wait.

Personally, I have nothing to lose now by holding on to my shares. If MMR gets the required 90% acceptance then it's game over.

My opinion would be for shareholders to wait for the next couple of weeks and see how the instos are reacting and how many shares MMR are successfully buying. If the offers are slow to come in and instos not reacting as MMR hope, you never know what might happen. There is no rush at this stage. Still early days.

KKR