Ann: Notice of General Meeting/Proxy Form, page-7

From my bullish perspective the pressure or leveraging by ATC (as troyus posts) is about its ability/confidence to POTENTIALLY raise $30M. From p.5: "The company seeks pre-approval to raise up to $30 million in order to progress to stage 2 of construction works..."

This strikes me as playing hardball. The numbers are in, the banks have had ample time, spending money on ample experts, lawyers, accountants, etc. and have produced a low-ball offer. Iggy is not in a corner at this stage. Although they'd love to put him in one to get a "predatory" offer accepted. Looking ahead Iggy has a price/deal in mind and doesn't want to be put in a corner. Therefore now is the best time to put in place a cap raise OPTION, and alert the brokerages that a commission is up for grabs.

This tells the bankers two things. First, ATC will progress with or without you into the future. Second, coming along with the time and progression of work ATC will be worth more -- not a re-rating -- but more. The bankers will have to then put up more at better rates, with more financing options and suitors to boot, ie. financing competition. Finally, don't under estimate the consequences of outside markets, and a raise at a higher sp.

The AGM's 13 November is a deadline for good news; albeit a PR deadline.

OV