Ann: Havilah Secures Funding of up to $100M from GFG Alliance, page-110

I understand what you want Peter, but no chance of that being provided. It is all in the wording....as Clark says the IER will outline what the pros and cons are and an evaluation of the valuation only. All it will determine is if it is or isn't fair and reasonable. It can be unfair but still reasonable as the definition allows them plenty of wriggle room. I would suggest that given the HAV Directors have already signed, it is automatically reasonable and the IER is a rubber stamping process. To get a true valuation of what this resource is worth will cost significantly more than HAV will ever pay to an IER.... so when it arrives start your reading with the IER disclaimer and you will know the situation.

At the end of the day it like everything else is worth what someone is willing to pay.....and someone is willing to sell at..We now know that SIMEC thinks it is worth "at least" what they are offering and you must note that they have had more access to data than anyone else. They also think they can make money from this as they are not putting the money in for fun. I am not so confident the HAV Directors understand its value given their past actions and negotiating failures. I think GFG/SIMEC are in a better position to judge its real value than the HAV Directors. The fact they were able to get the HAV Directors to the table on a deal to get the whole suite of company assets, not just the iron ore (which they want) shows me the weak negotiating position that HAV took to the table. In my opinion, once at the table they did not have the resolve to walk from the table when lowballed, fearing the share price would tank. Went for the hail mary pass with a big headline and it did not stick !!

I am hoping that it takes some time to prepare the requirements of the EGM as the company has basically put up the for sale sign by signing up to this lowball bid, subject to a better offer. I would expect the market will now know that individual assets and the company are open for bids... all of which the Directors will be required to consider.

Gina or Twiggy, if you are reading - drop $50m on the table, buy control of the company and then do a deal with Gupta to sell him the ore by the ton. Wouldn't that make life interesting !