Some observations as follows;
1) The one thing that drives the mos s/price more than any other is the drilling program. The board kept on promising a very exciting forward drilling program but it failed to release details. eg we were supposed to have this years program confirmed at the end of May. The s/price languished accordingly. Draw your own conclusions.
2) Comparing the bid price premium to the s/price is relevant, but what about the bid price compared to the "sum of the parts" valuation. We must have such a valuation. We engaged UBS to provide one. The shareholders are paying for it. Let's make it available for shareholders to see please.
3) The only encouraging statement in the mos announcement in my view is that the proposal is "subject to an independent expert concluding that the scheme is in the best interests of mos shareholders" This must surely involve a "sum of the parts" valuation.
Bring on the independent expert!
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Simon Kidston, Non--Executive Director
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