Ann: Response to EGM Shareholder Statements, page-36

Ah, I get your point "If SIMEC are "giving" the money - why do they need to take out security over the iron and copper assets?" So it is a secured 'loan'.

In regard to the insolvency issue - yes, there are risks there. SIMEC has taken on board the chequered management of the company and so secured what it hopes will be great assets. The tax issue you raise is covered with the present finances, but there isn't a lot left over. (Was it Sean who educated me on the real balance - I had mis-heard the $6m advance from SIMEC …) All the same I feel confident SIMEC is going into a long-term relationship: otherwise they could have bought the company out for about a third of what they're paying! So to say so again, gently, I'm urging a YES vote.

Cheers