Ann: Reinstatement to Official Quotation , page-13

Minerva

3.4% interest in 6 months = 6.8% per annum, with a 20% chance of some interesting development that puts a rocket under the SP. Good enough worst case for me.

Buying t/o target on the day of announcement is an old and usually winning strategy (a-la-Rivkin - etc.)

As for doubling money between now and April, I managed to double my money between 1 Nov 08 and 1 Nov 09, mainly due to being brave and stupid enough to buy when everybody else was selling.

At the moment I am in a more defensive mood having sold riskier shares. Cash is being used for safer assets like PWK. Personally, I simply cannot see opportunities that have a real chance of making another 100%. Personal view only. But if you see a definite 2 time bagger - by all means, go for it.

In relation to the offer, it is too cheap, don't forget scheme of arrangement requires 75% of vote to be cast in favour of the scheme, with SP votes excluded from voting if my understanding is correct. It is not a forgone conclusion at all that at the price offered this offer will pass (even with large individual holdings taken into account).

So vote "no", write to directors, voice your disagreement and see what happens. Very limited downside, plenty of upside. I will examine major holder register shortly to assess the situation a bit better.

Cheers