Ann: Special Dividend, page-28

Worzel i apologise for not getting back to you regarding your questions detailed in your post but events of today have superseded everything else.

Make no mistake the special dividend will be welcomed by the greater majority of shareholders. And I am in that category BUT many questions, other than those that the Takeovers Panel are asking, still require answers.

I refer to excerpts from today's announcement and comments by Sklenka and the Company,
"“To that end, we have organised for the Company to sell the gold that it has stored at The Perth Mint at prevailing market prices and pre‐pay the due tax to make available a fully franked distribution to all shareholders. “Tribune shareholders have long been asking for more clarity around Tribune’s accumulated bullion holdings, and today’s announcement is an emphatic response that will benefit all shareholders and deliver transparent value."
As at 31 December 2017, Tribune held approximately $132 million in gold inventories at a value reflecting the cost of production. Tribune’s gold inventory has increased in size (ounces) over the past six months and allowed the Company to sell approximately $250 million of gold at current market prices, realising a significant gain on the balance sheet holding value.

So are they selling all the gold or just a part? Exactly how many ounces, if any, will remain? This is a fundamental question that requires an answer.

Remember that due to the cross shareholdings TBR will pay RND $46m and RND will pay TBR $33m so the net money out of the "group" is $13m. So correct me if i am wrong but this means that the real dividends out of the companies are $250m less $46m less $33m plus $13m which leaves us with $184m being paid out plus the tax payable to get the franking credit.

Now we believe based on the 2016 Annual Report and adding and subtracting quarterly production and sales since then that there may have been around 200,000 ounces of physical bullion inventory. At todays spot that would have been worth around $332m.

So it would appear that there should still be gold ounces left in the mint. But how many?

Furthermore i refer to the takeovers Panel Annexure and specifically item 17 which says
"17. In a submission to the Panel, Rand submitted that Resource Capital Limited had a relevant interest in 8,000,000 Tribune shares by virtue of Resource Capital Limited being a party to the Option and Access Agreement. Resource Capital Limited has not lodged a substantial holder notice disclosing its interest in Tribune. Rand has informed the Panel that it wishes to terminate the Option and Access Agreement."

So Rand "wishes" to terminate the deal. Has it done so?
According to the Company this was the best deal and a bargain despite the fact shareholders would have been paying over $250m to "related parties" (if all TBR and RND and Performance shares were handed over).
Now maybe if the deal is terminated then the vendors can use the dividends to advance the project themselves!!

I am sure there is still more to come in this saga but in the meantime shareholders will be happy but still want an "open book" from the Directors.