Extract also notes that the Australian Securities and...

Extract also notes that the Australian Securities and Investments Commission (“ASIC”) has granted Extract relief from s640(1) of the Corporations Act 2001, which would otherwise require Extract's Target's Statement to be accompanied by an Independent Expert's Report. This potential requirement arose as a result of the sequencing of Taurus' upstream offer for Kalahari Minerals plc followed by its offer for Extract. Extract’s Independent Directors believe the granting of the relief constitutes a recognition by ASIC........ etc
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BUT
the poor share holders who have paid for everything, todate HAVE BEEN kept in the dark, for at least 8 months by the directors/ the board by not releasing any information, in regards to any or all information that could or may be judged as very important information to any share holder as to guess a value per pound of U that has been or could be discovered by company called extract

AND
ASIC still gave relief from s64o (1)

??????????????????????????????

http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=panel_process/summary_of_takeover_provisions_in_australia.htm

http://www.deloitte.com/assets/Dcom-Australia/Local%20Assets/Documents/Independent%20experts%20reports(2).pdf

From the Australian Governments own site re Takovers:-

"Where the bidder's existing voting power in the target is 30% or more (or there are common directors), the target's statement must be accompanied by a report from an independent expert stating whether, in the expert's opinion "the takeover offers are fair and reasonable" and giving the reasons for forming that opinion."


how on earth can the directors be INDEPENDENT when Taurus now own about 43% of extract????


please tell me I am reading all this incorrectly ?
the above is IMO only