Hi ResourcefullThere was an unequivocal statement made by the...

Hi Resourcefull

There was an unequivocal statement made by the CEO at the AGM yesterday that there is no doubt the resource is "economic" based on what they know to date. Stating the obvious of course.

The other thing that was said about takeover potential that I do not think has been posted, was that if there was to be any M & A activity it would have to be a friendly arrangement due to the very "tight" shareholding structure ie. 50+% of the equity held by top 20. One of the other directors referred to Ian Gandel's situation as being the "300lb gorilla" at the table, implying quite clearly that any takover/merger would require his blessing. I think we all pretty much knew that, but it is nice to hear it from the board. We can guarantee that max value will be extracted for shareholders. Interesting to also note that partial offers are outlawed under the new constitution without shareholder approval. I see that as also a significant defence against unwanted predators...directors protecting shareholders interests (including their own of course).

regards
DF