independent directors?, page-16

If the current offer is not renewed WN will have a couple of options available to them:

1. Wait a couple of months then make a new offer to the remaining minority shareholders. Any future offer would need to be substantial and in cash otherwise it will be a waste of time and money for all parties.

2. WN to start buying at 3% every six months. At 80% it will take another two years to finally take control. Also soon or later the share price will have to rise because the balance of minority shareholders are not going to sell their shares on market for next to nothing particularly after holding for long now.

3. Develop BRM and come back to minoity shareholders 2014 and pay a premium for those of us that are left.

IMO the reason that WN is so keen to delist BRM is so that they can transfer the assets of BRM onto their Balance Sheet and gain value for they shareholders. In essence they are paying $300Mill for a company worth $800Mill plus which will continue to grow while the infustructure is developed. While BRM remains listed and the mine developed the value of minority shareholders shares can only increase. This is the best option for rest of us that are letf IMO.