couldnt say it better, page-5

Sensis..do you think with your small holding of 50k shares you are going to have a choice...wake up,this is the real world..PEM needs CBH more than CBH needs Pem..read it in todays Financial Time..in fact CBH has got a mill for Broken Hill allready..just needs to be installed..whereby Pems profit last year was $75million...this year just $12 million so far...as far as the 2 to 1 or 3 to 1..its not utter rubbish but fact..PEM needs CBH...simple..and TOHO has 25% of CBH...Toho will not sell if not happy...CBH in the longrun will be the better stock but combined will be the next OXE..so you fellows decide as TOHO will lose patiens...Toho are one of the largest ZINC producers in JAPAN...as they would say UP TO YOU...and I am sure a decision will be reached soon for both companies...as one would say..you cant have it all your way..and there again as a CBH and Pem holder..wait and see..the decision will not be yours as the big boys decide the outcome