Ann: Westgold Lodges Bidders Statement for Aragon, page-14

re: Ann: Westgold Lodges Bidders Statement fo... jarg

assuming normal market forces are at work and the AAG and WGR prices are not being manipulated consider this in the view of an AAG shareholder:

AAG has steadily proven up more ounces including a mining study and more recently some near surface hits. The shareprice hasn't really responded except going from around 24c in Sept to about 30c and then straight back down again due to a sophisticats (read mates) CR.

WGR had a shareprice of 44c in October of last year and steadily dropped 33% of its value to 32.5c when it announced the merger/tover (and has continued to drop). I don't follow WGR so not sure if there was any positive news in this period. If there was, the price has not responded so why should I believe that all of a sudden it will turn around if the takeover is successful and even more funds are required to develop TWO projects????

It seems to me the rhetoric about market cap etc and better access to funds is all coming from the WGR camp. The recent WGR presentation is an absolute disgrace. It essentially sells the two projects (AAG/WGR) as one without even having an AAG response on the takeover.

As an AAG shareholder why on earth would I invest or accept an offer from a company that is steadily decreasing in value?