Ann: Proposed Merger with Silver Lake Resources , page-34

re: Ann: Proposed Merger with Silver Lake Res... As a SLR shareholder, I am certainly not gloating, just interested in this proposed transaction.

From afar the following seems reasonably apparent:

* PRH has run out of time and money.

* Fairly or not SLR is attaching little value to Trilogy.

* The parties must have been working on this for a while, albeit that SLR has the opportunity to pull out if they are unhappy with due diligence findings. Its always difficult to know whether this is a belt and brace or whether they still have a lot to look at.

* There is a break fee payable by PRH for SLR's costs if the transaction does not proceed for certain reasons. It is unclear whether PRH could actually afford to pay it, meaning that if PRH shareholders vote the scheme down they might bring about the voluntary administration of their own company. This would be a financially irraitonal and punitive action against management and the board but nevertheless a palatable outcome for some here seeking to make a point.

My read on today's trading in SLR is that the bots were actually keeping it down. I may be wrong. It will be interesting to watch trading over the next few months.