Ann: Karara Operations Update , page-42

Hi Gindaldan,

It's worth noting that the FIRB rules only apply to companies worth over $248m

http://www.firb.gov.au/content/monetary_thresholds/monetary_thresholds.asp

While the current market cap is around $190m, any Ansteel offer based on the current MC would need to be more than $248m. However, it doesn't stop GBG raising capital from Ansteel (either via convertible loans or share issues). I cant see any need for them to issue a heavily discounted offer price when they have a willing buyer available. Given the current share price, Im not sure if the market is missing that - or whether there is a simple lack of shareholder confidence in KML management.