Ann: Bidder's Statement , page-3

I've only had a quick look & will review it more fully later. My overall impression of the boards response is it's an almost threatening one. Very much -if you don't do what we suggest all these terrible things will happen & no good outcome could possibly happen.
i.e.
- "WCU shares may fall to levels significantly below the offer price"
Almost certainly true but they could also be worth considerably more in xx months time who knows

- "Dennison may be in a position to cast the majority of votes at a general meeting of WCU. This will enable it to control the composition of the Board & senior management..."
I'd be interested to know the truth of this. If Mrs. Lulu (supported by other shareholders) wanted to place a representative on the board could she do it? Who wants the current board to remain anyway.

- " if Dennison acquire 75% or more .... enable Dennison to, among other things, change the Constitution..."
They've got to get Ms Ls shares first.

- "If Dennison were to shut down the mill or prevent White Canyon from using the mill, White Canyon would have no alternative facility to process its existing ore."
Dennison are spending money to extend their existing mines close by (Pandora etc.) so why would they close down the mill. We have a 3 year contract for Dennison to process our ore. Surely our esteemed directors did not sign a Contract that could not be enforced.

- "White Canyon may need to undertake a significant capital raising if the offer lapses"
Why? We've just banked a wad of money & should have a nice handy stockpile waiting to be milled for more cash.

They then go on to say "that under the Bid Implementation Agreement, there is provision for Dennison to provide a short term loan of up to six months to White Canyon up to US$2.5million..... This would assist White Canyon in continuing its existing operations over that period, until a significant capital raising is undertaken."

Firstly with the $$ just banked & stockpile waiting to be processed why do we need the money? Secondly one minute they are hinting Dennison may not process our ore if we do not accept their offer & then they say Dennison will chip in some cash to keep us going if we don't accept their offer. ???????

I do not accept anything these directors say. IMO this takeover offer has been known by the directors for some time. I suspect they cannot hold their own when dealing with Dennison (witness the offtake agreement)& are keen to get out. T/O offers take some time to put together & I suspect (but cannot prove) that the Directors knew this one was coming when they gave themselves a fistful of options designed to be their quitting bonus.

Energy Fuels have a licence to open their Pinon Ridge Mill which will process Uranium & Vanadium. It is in Colorado less than 100 miles from White Mesa. It is the first new Uranium processing mill to open in the USA for 25 years. It is planned to be operating in 2012.

DENNISON WILL SOON (for the first time)HAVE OPPOSITION.

That is what this T/O is about.They may not be popular with the local miners & could see their ore going off to Pinon Ridge. They need WCU ore which is why they are prepared to chip in to keep WCU going even if they are not successful with their T/O.

If it wasn't for the trouble in Japan I would be confident Dennison would pay more than 24cents.I still think they will if Ms L hangs tough. I'm waiting to see what she does as without her they won't get their 75% & I feel they desparately want at least that much.