Ann: Takover Bid - Letter to Shareholders , page-32

re: Ann: UCL: Takover Bid - Letter to Shareho... I can't possibly see how Wonarah will ever get off the ground? There is so much phosphate laying around out there it's amazing. IPLs phosphate hill project has enough phosphate to last them 30 years and that's without even drilling for the last few years. They have the infrastructure in place and a rail line to the mine yet they have looked at a phosphate rock dso side business and seen that it is not worth it. How exactly do you think a new project is going to go atm? It seems to me the directors are just stringing this along to collect the fat pay at the end of each month. I sold my last MAK shares about 2 years ago and it was the best move I have ever made.