+ + data and comments + +, page-11

re: + + csm and pmm + + Gerry,

Thanks for a lot of work and an interesting post.

Obviously both companies have been performing exceptionally. CSM now has the added bonus of holding 14.8% of PMM. So if PMM moved up another notch and started to outperform a brilliantly performing CSM that would further benefit CSM and reflect in its' share price because of its investment in PMM.

In a previous post I asked at what % with a Director etc could CSM equity account PMM results and not just include dividends. This adds some extra spice to CSM.

I took your reference to a merger creating a Mining House to mean an instant upward rerating of the combined entity. Is that correct?

What other conclusions can be drawn from the work you have done, especially on the price of both CSM & PMM?

Kiernan has a reputation for being ultra conservative and always delivering more. So his comments that Bell Potter forecast "....could be considered slightly conservative" might mean still another pleasant upward surprise in earnings.

CSM on record as following a policy of maintaining dividend payout ratio even when profits are increasing exponentially.

Incidentally what response / posting would result from placing your CSM post on PMM do you think?