In my opinion, there is nothing compelling in this document to...

In my opinion, there is nothing compelling in this document to encourage me to vote for the scheme.

The focus is on the “all in” costs of KML operating stage 1. I saw nothing about stage 2. Although I did see reference to GBG’s holding inKNL potentially being diluted further in the event the scheme is defeated. But that would be a good thing if GBG owned a small percentage off a bigger KML where “all in” costs were less than sale price.

The pitch seems to be all about removing contingent liability related to GBG’s investment in KML, so value can be released from Mt Gunson. However, I personally
value Mt Gunson at zero value at present and I think 10mm will not be enough to progress this project in any meaningful way.

my personal opinion is Ansteel will not walk away from KML. I also think they are very keen to acquire GBG’s share of KML.

i will be voting against the scheme and watching further developments with interest.