So I'll add my 2 penn'th.First thing to say is I agree with you...

So I'll add my 2 penn'th.

First thing to say is I agree with you BT when you say SCP may add some "dynamism" to SRT-not the word I'd use and I would hope their people on the new board would add rather more if the deal goes through. I would also welcome an explanation and justification of the move and the sooner the better!

Going back to your earlier post BT, the CBE announcement might well demonstrate "genuine intent" but it's going to take more than intent to shift the CBE SP and our NAV and unfortunately we all know where the road paved with good intentions leads. Are you sure about the number of CBE shares SRT holds? There was an announcement on 13th August that the number was 88m+-has SRT sold some?

Moving on to gmpk's post, "value" is the crux of the problem for me. To calculate the number of SRT shares to be issued to pay SCP SRT's NAV will be used at a time when , as BT has already stated the resources sector is on its knees and before what we, as existing SRT shareholders, see as a valuable but currently intangible asset-the potential in our CBE shares and royalties-has worked its way into the NAV. Consequently SCP are getting that potential for nothing but will benefit from it when it materialises. It has to be worth something and certainly not nothing. I'm sure when MTR/SRT negotiated the deals which resulted in the royalties were granted, they were seen by both sides as having a value and if they hadn't figured in the deals something else-more cash or shares-would have changed hands instead. In exchange for giving up a bird in the hand MTR/SRT accepted 2 in the bush in the expectation of catching them later, if I can put it like that. If this potential is not included in SRT's NAV then SCP shouldn't benefit from it later. It should be ring-fenced for existing, pre-deal shareholders.

Unless something crops up PDQ to raise SRT's NAV to give something like 60c as the average figure at which the deal will close. That is probably just not going to happen, so I shall be voting against it. I don't doubt the deal will go through but I won't help it on its way.