modern metal, page-12

I think what has been so far misunderstood in relation to the merger is that SRB holds 17+% of MSX today. Upon the issue of new scrip in MSX to SRB holders the MSX holding which is one of its most valuable assets will be cancelled. There is also some debt on MSX balance sheet. So on my back of the envelope calculations the value of the merger looks about right and does not favour SRB holders as it seems the market is concluding.

In any event, the imminent growth prospects of the MSX investments is going to materially benefit all parties and we will soon see the increased value reflected IMHO. If the SRB merger does get the go ahead, I do not expect the cash on its (SRB/MSX) balance sheet to be sitting idle for long. The best leverage to the growth outcomes IMHO lie in the MSX options and that is why I am an owner of them. Excellent management and with the merger with SRB we can only benefit in terms of depth of management.

regards
DF