I have not completely absorbed the letter yet but the one thing that strikes me as odd is the refusal to admit that SD is 100% Chinese Government, if you don't believe me Google them.
Yes they say that it is 35% Provincial Government, conveniently not mentioning that the other 65% is also owned by a Gov. Corporation.
I have a strong aversion to selling/giving control of Australian assets to any Foreign Government.
Two/three weeks of back and forward debate here has still not convinced me of the merits of the deal and certainly the Market (that great Capitalist Judge) remains singularly unimpressed, mind you they were unimpressed with FML's management anyway.
Certainly so far this letter has not cleared the air or sold the Plan A to me yet.
chairmans letter, page-40
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