market depth is starting to look good, page-29

Hi Bailes,

Whether or not PRU takes us seems entirely dependent on the drill core assays we are waiting for. PRU have nothing to lose if they don't take us, and will be intensely running their ruler over the results when they come.

It looks to me that up towards 50% of quoted scrip (BYR) is held by banks and investment companies (ANZ being the largest), 20% is held by PRU, and 30% by us shrewd individual investors (LOL). The ratios change a bit upon exercise of BYRO.

If PRU take us, the 50% institutional people will be acting in their customers' (and by default our) interest to make sure they (we) get a fair price for BYR stock. But I would be extremely surprised if we get a bidding war from another suitor.

In short - the way I see it.. The register is diverse and strong, and PRU + BYR directors don't have enough scrip to over run us with an inside agenda that fails to reflect true value for BYR.