Ann: Dividend/Distribution - NIC, page-31

Can I ask you an honest question?

Are you happy to invest in NIC? Like most of us you want the best price you can get, but ultimately once you find a price you're happy with, will you invest in NIC?

I am always trying to reflect on what I do to see where I can improve. I also try to be as objective as possible and I wonder if my judgement is clouded with this particular share as I just don't see the concerns others have raised due to these points.

1. We have a fantastic relationship with the largest stainless steel producer in the world. Nothing is going to change that relationship.

2. Every piece of nickel pig iron we produce will be sold.

3. We have capacity to supply emerging battery makers and have the flexibility to produce class 1 or 2 nickel depending on the economics.

4. Goldman Sachs thinks there will be a shortfall in class 1 nickel products and has a target price of $42000 over the next 12 months. With our ability to produce class 1 nickel this will surely only benefit us.

My only concern is an increase in production costs thus lowering our profit margin but on the plus side we will still be making a profit.

Am I missing something. Is this story too good to be true?