apache022 diatribe

Apache022, please be informed that in regards to your comment "PMM have not paid distributions in recent years as they have retained profits for expansion, including the purchase of GWR shares...that's called prudential management. Something that the current GWR board know nothing about." is incorrect and can be easily checked by reading through their ASX releases under the code PMM.

PMM have never paid dividends since the January 2005 Cleveland Cliffs takeover and plant expansions were provided for and put in place by previous PMM boards.

Retained company profits have been actually used to facilitate a $143.3M buy back (ASX release 27 June 2008) of shares at $14.66, current share price is now $17.37.

This buy back facility of "retained" company profits enabled Cleveland Cliffs to increase their holdings in percentage terms from 80.39% to 85.19%. This was well short of the anticipated 90% which would of triggered compulsory takeover provisions.

Make no mistake the Portman “nominees” to the GWR board work for Cleveland Cliffs and not the other now 15% PMM shareholders, IMO.

If PMM want board control then they should pay a “control premium” which of course would be in the best interests of the other 80% GWR shareholding.

Apache, please do your research before posting emotional diatribe again and again. Adam and Eve could have found the above referred to information, especially Adam.

Go figure!