Ann: Takeover Bid for Alliance Resources Limited, page-31

Hi dsm0. I like your optimism re an improved offer and can envisage this, but with the increase being nominal only. How can you accurately quantify the future potential of AGS’s assets, or the inherent value for the new owner to spin/sell off individual parts such as the IO, or the WA tenements ?

Steve is well placed to know current and future values. He spent a long time looking for, researching and then selecting our (the company’s) assets. I don’t think he was blindsided with the Offer from GM. I think moimoi is right there. My guess too is that the scene was set well in advance of the 2 concurrent announcements.

I read Steve’s comments as referring to the future private company of Gandel Metals.

”We have a great team at Alliance and I consider the Company’s future to be very positive indeed and I look forward to playing my part in it as a Board member.”