great opportunity to accumulate, page-19

Plainsailing

I am aware that a number of large shareholders have expressed their disquiet to the Board concerning RAB's behaviour. I have no specific knowledge as to what the Board intend doing, however, I would be very surprised if they do not do something. Some of these shareholders are also invested in DGR, and I think their experience there with RAB has been communicated to the Board.

The choices are:

1. The Board does nothing (unlikely in my opinion)
2. The Board musters support for a direct buy-out at an agreed price (likely in my opinion)
3. There is a concerted and co-ordinated effort to simply take out RAB on market, over time.

It really comes down to how RAB want to play this. They are strange in my view, but I have had no direct dealings with them, and so I am just surmising as to how difficult they are, in fact, to deal with. The way they sold down in both THR and DGR, and TNG is just bewildering. Maybe it's the tyranny of distance.

What is important to me, is that the Board is fully aware of RAB's behaviour. I am not too sure that they were until quite recently. I will bet most of that selling yesterday was RAB. Check out the movement in the top 20 next Monday...it is posted on the TNG website each Monday under Investor Info.

I hope this helps