Ann: Market update - SELM Proposal , page-14

There is absolutely nothing in the recent announcement that convinces me that Jindal's hand has been forced in any way by the recent events or that they have any intention of making either a counter offer or of making a significantly improved offer to their previous one of 30c/share.

Not only do they now own a blocking stake in this company, they have shown in the past that they are willing to play the long game when it comes to RCI in order to secure its shares at a sharp price point.

Not only has this mysterious Chinese company yet to even submit a formal offer in writing but management negotiations with landholders over site access to the QLD tenements appears to have stalled for the best part of two years now suggesting there is no reason for Jindal to be in any kind of a rush to take on more risk.

For the record, last years independent expert report commissioned by RCI during the previous takeover bid valued the company's assets at between 0.36c-0.61c/share with a midway point of 0.49c/share.