Ann: Response to press speculation, page-43

basicaly I agree with your points , but a relatively minor point .....we also have to factor in RMS have completed two acquisitions in the last year adding value

I don't know how they would go about the actual mechanics of ascribing value for a merger ,(to calculate share comparison values) , but I would imagine it would involve trying to value the reserves and resources of the two companies + the value of the mills + the cash
Theoreticaly objective but perhaps some generosity in judgement needed to convince Karora .
A merger too would surely involve Karora seats on the board .of the ne entity and we maybe might need to get used to a nae change ,(hope not ).

this deal may depend on how greedy the kanaks are , seem to have a rep for hard bargaining ....perhaps they were just too greedy last time
RMS have mostly been generous with their offers for companies so far IMO