Management stuffs long term shareholders, page-20

I have employed a policy in the last 18 months of voting against every remuneration and share incentive resolution in every company that I hold shares in and will continue to do so. I no longer trust any of them to accept any arguements that may be put forward to justify the pork barrelling that takes place. IMO freebie shares no longer work to align the interests of directors with the interests of shareholders. The opposite is true bcos directors have a conflict of interest as the fast & free cash is too strong a temptation and they can simply move on to the next cash cow.

Byrne has effectively admitted in his interview that the offer is under fair value when he tells us how production/cash flow has been almost doubled in Galoc and reserves in West Linacapan have increased substantially but there has been little response from the market. He tells us that the offeror has appreciated the inherent value in NDO but apparently he doesn't. He offers no compelling arguement to accept the offer except to say that the market has not recognised the true value of NDO and carries on about the recent VWAP so lets capitulate and take the money and run. The comment that he makes early on in the interview to justify his recommendation is that it is a compelling offer in the absence of a superior offer. A compelling offer comment should be based on the value of NDO and not bcos there is no better offer. Some of the synonyms of the word compelling are "convincing, persuasive, irrestible, forceful,potent, strong, weighty, irrefutable, telling, conclusive, unanswerable etc". Sorry Phil but the offer is none of those things and it is not even fair IMO. The offer is like your arguement limp and the recommendation is full of self interest.

Unfortunately in this limp ASX market I think it unlikely that we will get a competing offer. If there is no other offer by eraly next week I can see this deal being accepted by most of the weak NDO holders, present company excepted.

ANZ