Prob same as O, with permission from Ben."Apologies, I have been...

Prob same as O, with permission from Ben.

"Apologies, I have been away on leave.

Since the investment in December 2011, Legacy has been approached by several companies looking to do farm in, joint ventures, equity positions etc either directly into their projects or into their company. These advances have only come through the market being aware of NMC on our register and Legacy now being able to fund larger projects.

Azure have also presented M&A opportunities to Legacy where we have worked with Azure to get a strategic position for shareholders.

While the market and investors have been looking for Legacy to announce an acquisition, many of the projects reviewed don't stack up from a point of adding to Legacy shareholder wealth.

Even with the falling capital markets and a reduced valuation in the projects being offered, many of them do not make technical sense or have any chance of being commercialised. So Legacy continues to evaluate projects but will only buy where the project makes technical sense and adds to shareholder returns. To date, none have ticked these boxes.

The company is aware of shareholders wanting updates on acquisitions etc, but until the company identifies a project that is worth pursuing, we cant announce anything.

Some of the projects that have publicly been discussed by various sources do not fit the investment criteria of Legacy or NMDC, and hence they haven't been pursued. If acquisitions were made, shareholder would probably struggle to get a return on investment or would be significantly diluted.

NMDC and management are aware they need to demonstrate the benefits of the investment by NMDC, but they are also aware that this needs to be based on worthwhile acquisitions, not ones that will become a liability.

Ben Donovan | Company Secretary"