You are not allowing for the future growth of value of MCL which...

You are not allowing for the future growth of value of MCL which will be at much higher rate than the Bauxite business. It might have been only a choice between an IPO for MCL or QBL making an offer to buy the remaining 45%. Staying with the status quo might have been an impractical option, as there is much more to this than was in the Ann. The directors' interests are aligned with those of the SHs, but magnified. I would think there was little or no selling of shares of the top 20 holders, this week. Probably around 10% of shares changed hands.