Ann: Corporate Restructure and Share Purchase Pla, page-52

re: Ann: Corporate Restructure and Share Purc... Hi Tinwins. All seems pretty calm out there. Post the CR I guess LCY will no longer own 18% of HAW, maybe more like 10-12%, as their holding will be massively diluted. As mentioned, the spp is only for those who already hold, and is not on a pro-rata basis. I will not be surprised if a T/O is the first thing on the agenda for the new NMDC/LCY entity. With the CR we will have cash and be in a position to play hardball. Unfortunately, when a company is cash strapped, they are hardly in a good bargaining position. LCY for example, had no other option when offered 8c a share by NMDC for half of its company.