Ann: Supplementary Target's Statement , page-5

My prediction now is that our directors will do a volte face on the announcement of the NMDC deal with MAK and recommed the bid on the grounds of the project being easier to finance under one owner (What a load of tosh: the likely project returns are usually the determining factor in how easy it is to finance?)

The Grant Thornton valuation of Mehdiabad is just a stupid snapshot and makes no attempt to predict how the valuation will change over time. I bet Mehdiabad when it is sold off by Drummond for a pittance (before regime change of course) will be a giant moneyspinner in the hands of the Russians or Chinese under a more moderate Iranian Govt. It is coming soon. Drummond ownership of our shares.

9,000 dead in Syria. Rifaat al Assad (responsible for 40,000 deaths in Syria in 1982?) thinks his nephew can't hold on to power. Unprecendented economic, human rights and military pressure on Iran. A realisation that military skirmishes won't destroy nuclear enrichment knowledge and the inescapable conclusion is that regime change is the only intelligent goal left for the West to pursue in Iran. So it will happen, and soon, which will make the Grant Thornton valuation (not incorrect) but a poor guide for decision making in my view.