maybe the directors should have read mythology, page-25

As Denial has pointed out, it's not such a a problem of the valuation, its a problem of funding.

I can see it now. BDO will trot out the Unfair but reasonable opinion. Its up to its eyeballs in debt, projects in Australia are ro*ted by the Aussie dollar, Indonesia is unproven and has to be discounted by sovereign risk, they are treating artisan material and do not have granted tenements, cannot find comparatives,historic share price was in the toilet and the market hates mineral sands companies (refer BMX, AZC,ILU etc etc)and in 2008 cash is absolute king. Tossing all of this up, they are likely to take a view that no, the valuation is too low but in all the circumstances who would touch it but the big guy.

TTY is sitting there with it being owed $1m at the moment and maybe up to $2m as OLY draws down the facility (with six directors, a big fat cheque is due for directors fees on 31/3).

The problem is that the OLY directors never told anybody about the loan facility nor what the terms are. How they could not think that a loan of $2m was a material disclosure issue for a company capped at $10m is beyond my comprehesion, but with this mob nothing surprises. Mind you the same could be said about the geniuses at MFS, AFG, CNO and others of late.

So nobody but Oly and TTY know what the hell the terms of the loan are and if Kiernan cracks the sh^ts tomorrow, whether he could march in and appoint the undertakers. Who at OLY has read the fine print before signing?

Directors' meetings with this mob are no doubt like an old Brian Burke Labor Party BBQ..all you would hear was Maaate. Maaate, Maaate etc, trouble is are they all are maaates?

Hope Aaron and the crew at Patersons can help jam it up the big guy so he pays a reasonable quid for the 70% he doesn't have, but I think the deck of cards is looking well loaded for the truckie.

As I said its likely to be a replay of the Black Knight Monty Python scene.