Springbee,They might have answered your questions and many more...

Springbee,

They might have answered your questions and many more that Zmans and I have asked them BUT no joke I don't think that anyone present fully understood one single answer.

Both Nanda and Taharajan gave full answers to our questions but they might as well be in Swahili.

The little bits that we did understand were that they are doing the right thing by LCY's shareholders by not paying for Bevan until the time is right.

Taharajan said something along these lines:

"How would you feel if we paid $40M for the remaining 40% 2 years ago or even $20M a year ago. Valuations of Fe assets have come down substantially in the last 12 or so months and there's no point paying more than something is worth"

Guys, that's just my interpretation as it was so hard to understand him.

I agree with Zmans, they will wait until the time is right and buy it for .... well much less than the current asking price.

Mt Bevan aside, the feeling I got is that things are not as bad as they seem. They confirmed that they are working hard with our management on things which they can not disclose at this stage.

I must say I have a pretty good gut feeling about today's AGM. They all seemed quite relaxed. Surprisingly relaxed or even too relaxed.

I hope my gut feeling is right but I did walk out quite happy.

I saw Malsbrook was there too. Maybe he can give his perspective.

Cheers