Ann: Acquisition Scheme Booklet, page-99

nadd,
with no disrespect I think you're wrong.
I don't believe they would would use words like. "suboptimal outcome" If Sandon's was pro Ansteel.
I do see what you're seeing though but must say I would prefer, the Bird in the hand senerio Sandon's are suggesting to a highly speculative Coda in need of funds, under the guidance of GBG's current board of directors.

Why I have voted no is...
• That I believe Karara is in a far better position to be viable with current iron ore prices
• Ansteel's offer is extremely inadequate at approximately 0.5c above cash at hand. Why would they want Karara anyway, if they don't see it being profitable?
• GBG has $123m tax credits attached which equates to more than $40m in the hand if and when they do turn a profit. Probably the reason for buying GBG and not making an offer to buy our share in Karara .
• The GBG directors have been milking the cow too long and with this plan they want the gravy train to continue. Just have look at KJ buying more train tickets.

And there is more but I will leave it to others for the Steak Knives as it's Beer O'clock.

Ps. If this deal goes ahead and Coda does in fact get listed. All my shares will be there on open, to sell At Market. I will not invest in anything these directors are part of, I have already black listed them.