Agree. The transaction doesn't value the rest of the company at...

Agree. The transaction doesn't value the rest of the company at much, if you take out the cash and the other half of Titan (leaving aside issues of preference shares, normal shares, options etc). Still maybe this is fair and hopefully most will be in strong hands. I'm not sure the market is sold on the iron sands (its not why I hold anyway). I would prefer to see them focus on the Titan projects and moving to full control will simplify things, possibly make it easier to attract a JV partner (if this is the course they choose).