brr of hk presentation , page-3

Agree...much reference to market's psychological benchmark of $1.28 established by the 2 takeover bids in 2008.

If $1.28 was the sale price this would leave Indophil with its other mining interests, existing cash (which is about $50m or 8c/share) and the Tampakan sale proceeds.

Theoretically Indophil could end up with cash of approximately $1.36/share (and a tax bill?).

On Tampakan sale Collery says (and I paraphrase)

"I would be dissappointed if shareholders did not have a clear view by Christmas"