Ann: Fourth Supplementary Bidder's Statement, page-3

All they have done is move up the bid to where the market is now.

MacBank, who are acting on their behalf, has been talking with the big shareholders to see what would be needed to get their acceptance. It is possible this new bid could be enough to get Eramet to 51%, in the absence of a competing offer.

I would prefer to just keep holding my shares for another 4 years until we are in another commodities boom when the share price could be over $3.00 and the operations are delivering large profits that quickly clear the debt and provide us with some certainty of future dividends. On the other hand, I do not want to be locked in with Eramet as a 51% shareholder because we would get screwed since our govnut/ASIC would not act to protect the minority shareholders. I would expect that at a minimum they would delist the company in Oz and have it trade on the Paris exchange to get a heap of us to sell at low prices to them.

loki