Ann: Chairman's Letter to Shareholders , page-2

My response is as predictable as the letter and preso from FML are predictable.

If I said I felt like a sheep to slaughter on the advice and bonhommie relationship of an ex-spice trader I don't think I would be far from the mark.

So, I read the letter.

Take away...

DT's advice summarised: Trust me. Hours and hours around a lazy-Suzann and plenty of "gan bei" later (thats "bottoms up") and my conclusion ... I trust these guys.

That's it everyone. I guess it may hold together for 6 months, DT leaves in a blaze of glory, a new Chinese Chairman and then it falls apart.

Interviewed DT: "It was ok while I was there."

In the preso

In the preso there is absolutley NOTHING about Shandong, their acrages, or financials (eg dividend history) tells you something too (or not). very very little of substance in the letter, almost nothing.

Finally,

DT: "At the end of the day they will be a controlling shareholder, reliant upon an independent Board and Management Team."

as the Takeovers Panel says:

The Control Concept

[15] In simple and direct terms, a single person is not in a position to control a company unless he is able to exercise more than one-half of the total number of votes that may be cast at a general meeting of the company. This notion of control of a company has long been recognised.8 Although those who thus control a company as such may not necessarily control its business and activities,9 it is always the case with a public company that directors in whom control of those matters does reside may be replaced at the wishes of a shareholder who can exercise a majority of votes at a general meeting on that issue.


So...at the end of the day (lets say the end of the second day), Shandong Gold has a new idea....