focus valuation part 2 - acquisition, page-36

Reiner,

Market reaction is negative to anything at the moment which isn't 100% good.

The Europeans don't know what they are going to do with Greece.

Nobody really knows what to do.

People don't like gold stocks when gold is strong and works well in an environment like this.

"to have eyes bigger than your stomach"

I think at the moment, people have very small stomachs.

I think we will range trade until it is absolutely clear by all that this is i) going to transact and ii) it is a good thing and preferably iii) TI is real

Personally, I just want to know that either this is just a cheap mill because TI has the goods and it is huge, or this is a cheap bolt-on acquisition and the cost of production is definitely not high or both. At this stage we don't know if either is true. Therefore I'm not going to change my position buy/sell until I know more. If other people are thinking the same, then you would think the price won't change all that much.