Ann: Westgold Lodges Bidders Statement for Aragon, page-3

re: Ann: Westgold Lodges Bidders Statement fo... Interesting WGR thinks the merged entity will be set for a re-rating. Supports my view that WGR are probably getting the slightly better deal from a value perspective, although overall I support the move.

Swordfish WGR have been given ASIC relief to acquire MLX's AAG shares so there won't be an MLX offer.

I find the timeframes somewhat spurious. Are WGR trying to become a producer in 5 years or 1-2? Varying different commentary about this in the Bidder's Statement.

WGR also downplay AAG's open pittable options but then state one of their short term aims is to start up open pit operations in CMGP. Which is it boys?

40 cents would have been a fairer price but overall the logic is sound. I think the bid will get up.

JT