Inform - another reason that I still hold is it’s an extremely...

Inform - another reason that I still hold is it’s an extremely opportunistic takeover attempt by LG as they have said several times.

This is also reflected in the numbers stated in the Target Statement (see Annexure B page 9) where it shows a table of NTAVs before and after the takeover.

LG had an NTA backing of 3.63 cents per share before the takeover and after it would have an NTA of 8.05 cents per share (based on financials as of 30/6/2011).

So for a 10-12% increase in their share capital LG is seeking to increase their existing Net Assets by about 150%!

As LG says “the acquisition is opportunistic as Owere Mines are just completing a long lead time, capital intensive period and are about to start being a cash generative operation".

I think at some point they will have to come to the party and pay a premium for SGX based control and I’m prepared to wait for that time. If LG can pinch SBL with their original offer then so be it, but I’m not interested in going to the SGX nor with seeing what LG can do with SBL.

As a long term holder of SBL I'm staggered at how they mucked things up from March 2011 and the subsequent position it has put us in.