** takeover action **, page-7

To be honest LSM, I think the chances of that 8.5% downside risk actually occurring are about 100/1 or even longer.

It was an absurdly low bid during a time of resource stock weakness and during that period of weakness TYC were even more crazily undervalued than other resource stocks.

The idea that because this world class project is in Pakistan it should be capitalised at 10% or 20% or even less than what it would be if located elsewhere is tantamount nonsense.

The Pakistani Government and local government are cooperative. Pakistan is encouraging foreign investment. No foreign businesses in Pakistan have met with the fate of Russia's Yukos.

The US is eager to invest in Saudi Arabia's oil. That's OK, is it? But not an investment in Pakistan's mineral wealth? I think we have a clear case of double standards.