Ann: Improved POSCO proposal and intention to recommend, page-104

Adam...If SXY have just spent $80m on new gas fields to develop, should not that $80m be an additional asset to the value of the Company, raising the current SP takeover offer. If not then that $80m you would think should be repaid to shareholders as this deal was announced after the last takeover offer. Its the shareholders money and was spent after the $4.60 offer, not a gift for Posco's to line their pockets further>>