Ann: Chairman's letter - Scheme of Arrangement, page-24

I get the sentiment here, but there are very real consequences hinging for AGO business if it chooses to run it alone.

Over the past year, the Atlas leadership team has worked diligently to improve the Atlas business. The fruits of this work have been seen in the improvements we have made to our iron ore business, including the achievement of a better quality product, as well as in our early-stage diversification initiatives in lithium and manganese. However, the widening discount being applied to lower grade iron ore has largely offset these improvements to our underlying business, resulting in our operations running at a loss as outlined in our recent quarterly reporting.


I get people are wanting to be valued higher than what MIN has offered, but with these huge constraints, how can it be valued any higher? I still retain my position that the MIN offer is reasonable and that we should be looking to encourage it due to the above constraints and the rubbish management of the company in recent times.