low ball chinese bid tossed out , page-38

matt - are you serious?

'(let's entertain the ludicrous notion the Africans and HanLong's PRC masters are very happy to stall for ANOTHER 12 months) ?? '

They have been happy to stall for 18 months so far, why is it a ludicrous notion that they may stall another 12 months?

'The fact of the matter is the hedge funds hold the key to the success or failure of the 45 cents bid.'

No they don't - the success or failure of the bid depends on how many shareholders vote YES - not how many shares they own. The Top 20 shareholders (including the hedge funds) own 60% or so of the shares on issue. But that is irrelevant. It is the other 2,000 odd shareholders and how they vote that will be the key.

'QUESTION) Are you implying that you have no absolute confidence that the hedge funds will back the deal at 45 cents ??'

Doesn't matter if the hedge funds back it or not. The vote relies on a simple majority of shareholders, not a majority of shares owned.