Dear AllFor those in the stock since Anaconda days, the Glencore...

Dear All

For those in the stock since Anaconda days, the Glencore bid is highly predatory and should properly be rejected.

There are a very long list of reasons for this including:

- The strong long term outlook for nickel;

- The replacement cost and long lead times to get a plant up and running. BHP blew $3 billion on a similar plant which did not work - Equivalent $3 plus Minara price;

- The temporary high Aussie dollar which has put pressure on margins.

- The temporary international economic crisis - ditto;

- Similar takeovers albeit during the boom but at $15 Minara equivalent;

- The fact that Glencore itself has bought in the past at $6.60 (current equivalent $2.64);

- The fact that the plant after a lot of years of patience is now up and running;and

- The heap leach technology which is propriatary to MRE.

There are a lot more reasons but to Glencore, you got over 50% and 70% at rock bottom prices without a takeover premium. Try and exercise your legal duty as a majority shareholder by sensibly running the company to make a profit, not trying to take advantage of the minority shareholders.

Cheers EOS