boris rises to one week high on flinders deal, page-22

Well I've sold. I bought in before the gfc and I'm happy to take the profit now. I'm dissapointed I've waited so long, and the profit is a lot smaller than expected.

I have no confidence that the FIRB will allow the deal and would be happy to buy back in when (if!) the share price drops below 20c on that rejection.
I don't think there will be any other bidders - if there were any real interest in the market then the share price would be up at the offer price or above, and mngt would've been talking to those prospects back when the Reserves were calc'd at 750M tonnes.
I also have no confidence in this mngt team - talking up the share price and the co, leaking potential rail deals - then agreeing to sell out for such a low offer considering the magnitute of the reserves.
Secondly the Canegrass deal really irks me - I bought into MXR a long time ago on the strength of Vanadium/Iron only to have it whipped out from under me for a pittance. If mngt is willing to do that to it's sister co. with many common shareholders, then they will obviously sell out to anyone with 2 red cents to rub together.

My prediction: FIRB disallows the deal.
Share price to drop to around 15c.
Mngt to get the boot for these failures.
New mngt to take several yrs, but will get a mine going.

My recommendation:
Take whats on the table, and if you have an emotional investment (I'll admit I've got some)- buy back in when the deal fails.

shaunw