I do not think we have heard the last from Conglin by a long...

I do not think we have heard the last from Conglin by a long shot...

On 16/07/10 when Conglin withdrew his initial (stage 1) takeover offer he did so on the following terms:

"AT THIS STAGE, Conglin has decided that it will not proceed with the proposed offer contained in the NBIO letter" (see announcement).

Incidentally, that announcement was released on the same day as BMG transferred the final stage 1 payment of 2m bringing the total cash injected into CAP by BMG up to 13m. In order for the project to advance to the "NEXT STAGE" CAP was required to prove-up the 1 billion tonne resource at which stage BMG would have 1 year to pay CAP 25m to vest a 51% interest in the project.

As of 20/10/10 we have arrived at that "NEXT STAGE".

On 16/07/10 in his letter to CAP board, Conglin implied that he was waiting until we entered into the next stage of the process before he resumed his takeover agenda.

Now that this "Next Stage" has arrived it would not surprise me if Conglin were to launch a second take over bid in due course (especially at current price levels).

What we don't now is the relationship between Conglin and BMG and their backers.

Are they friends, foe's or the same party?