Jojo,It would be nice to have any volume on the ASX. I'd...

Jojo,

It would be nice to have any volume on the ASX. I'd probably be offloading a few, if I could get the tsx equiv of A$20.60 on the ASX this week, but holding the majority out for a much better offer. If I can't lighten this week, probably hold the lot for this all to play out.

Whilst without a doubt a ludicously lowball offer, I am only 50/50 on a better offer, due to the manner in which management have sold out:
1)Breakfee worth about 60 cps, effectively additional cost to another bidder
2)19% committed
3)Only 66.7% required for compulsory purchase
4)Xtrata get to match any other offer, making a moderately better counteroffer a waste of time for another bidder.
5)Xtrata done due diligence, hence can afford to match another well priced bid, but doesn't run as much risk as an outsider of overbidding.

All up circumstances are going to deter another bidder. Management have REALLY sold us out imo. I could be wrong, perhaps they sounded out other potential bidders, which also wouldn't bode well for another bidder.

EL