re: Ann: MAK - Minemakers Limited - Panel Acc... section 713...

re: Ann: MAK - Minemakers Limited - Panel Acc... section 713 (and section 710) of your Corporations Act explain what must go into prospectuses (i.e. into a bidder's statement). They do not say anything about past share prices for continuously quoted securities (the definitions are mind boggling but I suspect UCL's shares probably fall within that of a "CQS"). However, it does emphasise info that is relevant to making an informed decision and information that was knowable. I would guess the fact UCL had a share price consolidation undoubtedly means that MAK shareholders would have needed help in interpreting past share prices if they were expected to look them up in newspapers to get a sense of a) the volatility in UCL and b) the size of the premium offered, not that past events are as important perhaps as the future projections that MAK is also complaining about.

I hope that Ross and Jordinson get the sack. I am sorry to use such strong language, but I dislike having my betting slip changed without a good reason (i.e. exchanging a portion of Mehdiabad for MAK cash and Wonarah). I know I am in a minority of one on this, but everyday I read about Iran I just see regime collapse coming even sooner. It is very frustrating to see my prediction of the Moscow nuclear talks collapsing being more likely to come true since the news has emerged of the IAEA talks on Parchin access collapsing and Yukyo Amono (sp?), the IAEA chief, being made a fool of - recall Barbara Slavin said negotiating with them was like trying to eat soup with a fork. An explosion chamber at Parchin with neutrons flying around inside it in 2003 might well have created unusual isotopes on the exposed surfaces (they either stick to an atom they collide with or displace other sub atomic particles thus changing the atomic mass?), so grinding down the surfaces and washing away the dust and limiting the areas where the inspectors can go (so they can't recover any of that dust) all makes sense. I don't think anybody thinks the Iranians are misusing Parchin now, but its importance perhaps is to prove they have lied in the past in order to justify giving them different conditions for their nuclear program from, say, the Japanese. KS points out Turkey is the only country to have squared the circle of being modern, being democratic and being muslim. The Iranian leadership has made a complete mess of it. The nuclear negotiations cannot possibly reconcile the Iranians wanting to be treated like Japan (to be trusted) and the Iranians wanting to do things that make them untrustworthy (churning out the anti-West propaganda and carrying out activities that are more consistent with getting the ability to deliver nuclear bombs using missiles: e.g. 1. making an invulnerable enrichment plant 2. making more enriched uranium than is necessary for making medical isotopes 3. mastering satellite launching technology.

Experts (Reuel Gerecht, a former CIA officer who speaks Persian and Arabic, Karim Sadjadpour and Abbas Milani) say the day the Americans can open an embassy in Tehran would be the death knell of the regime, so there is no way the regime can afford to drop the anti-West propaganda since it helps Khamenei to be an unaccountable autocrat (which KS points out is also helped by Ahamadinejad having accountability without power). Something has to give, and seeing as the West evidently can't tolerate Iran being one screw-turn away from having a nuclear weapon, regime change will have to occur (preferably by the West helping the Iranians to do it themselves). The nuclear timetable means it will have to occur fairly soon.

I believe Ross and Jordinson are acting outside their circle of competence as far as Iran is concerned (based on the quality of past quarterly activities reports on Mehdiabad). Jordinson's penultimate CEO job (Copper Resources Corporation) doesn't show him in a great light: the company went bust one year after he resigned. I presume the debts the company had were created by Jordinson. I await to hear a good reason why Jordinson should change our betting slips when Bashar Al-Assad looks likely to be pushed out of Syria and when we are in the final rounds of nuclear negotiations with Iran that must inevitably fail, and when the West will be forced to bring about regime change in Iran somehow, difficult as that may be. Just my view.