Ann: WGX: Important Update to Gascoyne Offer, page-45

Hi Spec,

Appreciate your thoughts as always. I too am still underwater, but fortunately I am a long way from the Top 20 and have been able to average down somewhat.

I have the utmost respect for Richard Hay, without him there would probably be no Gascoyne Resources. I too would prefer Gascoyne to go it alone, but I understand the pressure they are under. I just wish the market had woken up to the value here earlier, but the market is the market. Personally I think the market is wrong a lot, that's one of the reasons that I see great opportunity in investing in misunderstood companies. Sometimes the market wakes up and you do well, other times not so much. It is what it is.

My main issue with the proposed take over by WGX is much more specific. I don't know much about the company, but nothing I have read here has impressed me all that much. Please understand (everyone who reads this) that I am not into character assassination, I like to give everyone the benefit of the doubt. But if this takeover goes through it will be the third company that I have been involved in that has had Wayne Bramwell involved in it, and the other two have not gone well. I have nothing against the guy personally,although his involvement in the takeover process hasn't done much to endear me to him. It could just be coincidence. But I have seen time and again the impact that management can have on a company, both good and bad. If the takeover goes through I doubt I will be a long term holder of WGX.

Kind regards all, I am hoping for another bid.

(Weird, I tried to reply directly to your post but Hot Copper wouldn't let me?)