foster stockbroking in the afr, page-11

Berkeley has received an alternative transaction proposal from Severstal and the
Company will continue discussions with Severstal in relation to this proposal.
However, in light of the recent substantial improvements in the price of uranium
and the valuation of uranium assets, the Directors of the Company are of the view
that Berkeley should consider the fullest possible range of financing alternatives.
Accordingly, the Company decided not to extend the exclusivity arrangement.

30/12/2010

so they preferred to go with the offer of the underwritten cap raise to the alternative proposal from severstal

all seems a bit murky as to what happened but thems the breaks