alternative proposal- 48c raising?, page-14

Hi Mat, my thoughts are that it is too late for any new plans or offers. They would have to be factual, in writing and backed up with hard cash. Then the board would have to call a special meeting and if "IT" looked genuine, present it to MM for them to view and possibly make a counter offer, then it would have to go to the FIRB ( if foreign buyers). The AGM would then not be able to deal with the current proposal and the Banks ( don't forget the Banks), would have to agree to extend credit. Also, we have no idea what our current cash position is. I have written a long reply, because - imho, ANY other offer, apart from MM's is too late!! Say yes, and lets get on with building PH and Toro into a viable cashed up business. M.