all positive

My read of the announcement is that the Indian board has met and are moving ahead having to jump the next internal process.

If they are spending $60-$100m of Indian taxpayers money in their first foray into Australia, then of course there is going to be a lot of red tape. It is government after all.

But if the NMDC board had met and didnt like the LCY projects and didnt want to make a bid, would they be coming to Legacy asking for an extension.

Think about it.

And Sharon moves into a new position at the same time. Why do that unless something is being worked through.

1+1 = 2.

Add onto that the fact that Legacy has engaged its own indepedent valuer to do a valuation, at a cost of probably $20-$30k, means that legacy obviously think the deal is progressing nicely. Why do this unless you can see a possible deal on the table?

Just a smart move by the directors so that when NMDC do put a bid on the table they know whether they can accept it straight away or whether to reject it.

Sharon is chinese and an experienced trader/business woman. Do you think she is not going to have all the compelling valuations behind her to extract max $ from the Indians.

All that has happened today is the traders have been caught on T+3 settlements and have had to dump stock to cover the positions.

Still all looks positive, just need to sit on your hands