Ann: Bullseye Mining Limited 05 - Panel Receives Application, page-8

This fresh application has nothing to do with EMR’s conduct or actions.

I have tried to inform the members about the failed Red5 takeover effort and the various TOP applications there. I have demonstrated the curious position of Ms. Mullan who sold her shares as a director of Bulls Eye, but subsequently has written claiming the Au Xingao offer is a better offer than EMR’s offer. I have sought to demonstrate that the claim that Au Xingao’s offer is superior is silliness.

We must allow the process to fully play out. The facts are, there is a foreign company; which is relying on a funding arrangement to possibly pay for all the Bulls Eye shares; which owns approx. 15% currently; and is seeking to stand on its digs when it’s ability to commercialise development of the tenements is questionable. It should come as no surprise they are relying on strict compliance and seeking the intervention of the TOP at every turn.

One may be familiar with the expression, ‘If you’re weak on the facts, rely on the law.’ EMR’s cash offer stands at 36.4c, of course, this is superior to the 35c offered by Xingao.

It may be, that the directors of Bulls Eye have not made the takeover as seamless as it might otherwise be. Not many private companies would be used to the rigours of the takeover laws, whilst having a determined foreign shareholder.

Let’s wait and see the wash up of this round of the fight. It is easily conceivable that EMR will extend its offer ending 29 April currently, to allow this application to be finalised.