csm uk broker quits not happy, page-6

Hi Zen,

You ask if we want Gilbertson on board or not. Let me answer this way.

Gilbertson (aka at Billiton as the Ego - when his chopper arrived the announcement went out that the Ego has landed), will come on board if we sell him 60% of CSM for $2.28 per share, i.e. 227 M issued shares x 60% x $2.28 = $310 M. Most CSM holders believe the existing company with its manganese, chromite and nickel cash flows is worth closer to $3 per share. So at $3 per share that 60% is valued at 227 M x 60% x $3 = $408 M. Nearly $100 M more than the Ego is offering.

Is it worth an upfront bonus of nearly $100 M to Gilbertson even before he has added any new value ? IMHO - absolutely not. No way. Not ever. I am voting NO at this price.