bhp, page-6

Jayson

I Dont discount RIO, after all it is their Line that will most likely carry Railway's ore to market. However given BHP's recent permit to drill at Camp Hill has come to light all fingers do point to them.

As for negotiators I certainly hope UBS isn't, its been pure destruction of value since they have started to advise us.

It must of certainly caught the directors by surprise given there are no sub notices or heavy buying leading up to it.

Could of played out like this

BHP & RIO between them might have already had 9.99%. They are definately not related parties and would not be required to lodge a sub notice under the 5% Rule.

The citi line that was picked up might have pushed them over. Approach the company before you need to logde a sub notice and hey before any one knows you have 15%. Only need another 36% and you have control any way. Get the sheik in Bed and then you only need 28%.

Approaching THX could of given the game away.

Once the 51% is achieved you have enough to defeat the CRM proposal.

I think we are screwed.

Cheers