long trend down, page-61

HT,

Well SFR management are not receptive, so hostile and expensive?

As I don't want OZL over paying, my thoughts are slow and staged. At this stage lining up a few insto's etc keen to sell. Maybe only get 5 to 10%, and then of course make a full offer at this low/mid ball price (to comply with law as much as anything).

Sure we will probably hold much less than 50%, but our position is much stronger for a subsequent more aggressive offer in 2012 or 2013 where the objective should really only be control. Going for 100% is simply not likely to add sufficient value for us, going for 100% now even less likely, imvho.

A third effort at some stage might take out enough minorities to to get to 90% and take them all, but without paying a high takeover premium for over 80% as a hostile bid now would require.

Discl: Still haven't topped up on OZL (nor PNA nor any other miner. Still watching the macro situation).

EL