Ann: Quarterly Update & Appendix 4C, page-9

I agree. Personally I am not selling and I'm not accepting the current offer either. Judging by sentiment, holders will turn down the offer anyway and the prices will return to normal. With a decent scrip for scrip offer, it will rise well beyond that. PCLO has some comparably strong fundamentals but for somewhat different reasons (will try and elaborate later ) . Only reason its been declining is due to some temporary sector malaise which you can probably attribute to one other major company dropping the ball operationally - this has shaken investor confidence in Canada for the time being. The long term growth story (pardon pun) will IMHO continue unabated despite the usual risks. Not for everyone of course. I am a long termer and can tolerate red in the portfolio in the short term. Again IMHO (and DYOR), there's a real need and they will fill it.