prospectus , page-23

This is the point phantom - loss of control but also the need for cash on a constant basis with lack of clarity in terms of funding and its use. Major instos or large investors with no direct benefit from the project exit for these reasons. Further a takeover isn't required by the current major holders. It is a prevention of TO action from other entities that is more important. Their ultimate interest unlike us holders is not in the sp appreciation. It is the resource. It is in being involved in the process of extracting, producing and selling the iron ore. Any increase in the company whilst a positive is a bonus. This is the risk of financiers involved in the game. They will offer money for control (board seat and large shareholdings). Agreements include deals with the financier or affiliated parties (ore at discount, Irvine ore fines to Rizhao, marketing on sales, permission for other financial agreement via GNR). All this without having the need to own the whole company. The sp can be manipulated due to their dominance on the registry and be at a depressed price for a long time. A takeover will come when management or more importantly holders have no option. A TO will come in my view but not in the ST. Buddy's squirrel grip is very appropriate. I think in this case 30-50 cents is not an issue. What is probably important is to confirm cockatoo capacity and Irvine. Then the moves will occur and paying 50-100 million to give much greater in return is a no brainer. This is my opinion.