Ann: Release of Target's Statement in respect of Eramet's Offer, page-9

From the outset ERAMET said they hadn't made a friendly offer because MDL had unrealistic views of appropriate valuation.

They certainly won't put any weight on the Grant Samuel opinion.

What makes a higher offer certain is the fact they couldn't get to 19.9 % pre bid at $1.47

What the big shareholders who can deliver 50%+ are happy to take is the key to what we will end up with. They will be guided to some extent by the Grant Samuel Report. All is known and out in the open now about what the company can deliver its owner.

There are none of the original Institutions still holding .

All the big holders apart from the post offer ones are in for between 20 and 41 cents.

Would they buy in at $2.50. I'd say no way . They are bankers who chase 30% returns not 6.5%

$1.47 is a good deal for them.

They will all sell at the best price they can get and in the absence of another party entering the game which is a big ask the price won't be anywhere near $2.50 .

The final offer won't be fair but it will be reasonable.

Sell on market now ?????????

I'm inclined to wait for the next salvo from ERAMET.