My read of the announcement is that the Indian board has met and...

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