getting more and more confused, page-6

Spot on Janvier, I posted on this earlier in the year when I found those tie ups to Industrial Minerals. They got the Northern IPO away with Bissett Ck and still hold around 27% in the name of Mindesta Inc. A couple of the Mega staff, including the CEO, even had IM US listed on their CV's until the website got made over some time back.

Agree that this Mega deal does sound like their modus operandi but if that is the case why have they now left Mega hanging with the deal about to expire?

When the term sheet was signed and the Mega CEO stated we'd have an "all but IPO info pack" within weeks I expected to see a partial float (30%) with IM tipping in enough cash along with a similar sized underwriting to qualify the $210m valuation. Very similar to Northern which was quite successful but on a much larger scale (x 3).

The only explanation would be that the current market weakness has jeopardised the underwritten portion and they have negotiated an extension hoping for improved market sentiment.

What is fairly clear to me is that Mega do not have the asset base to do this alone, that there needs to be some broader structure as you have suggested, to pull this off.

Hopefully it will become a bit clearer next weak. If not, has anybody seen an Ann for the AGM?