on the market, page-5

Yes, it is now virtually too late for Evraz to make a TO offer before Monday's meeting. To swing major investors to vote their way time needs to be given to digest the information if there is any. Any request would have to be sealed by a clear and definite offer to be credible. Thus far Evraz has not even appealed to shareholders to vote against the sale to MCC. It is rather puzzling as to why Evraz was so keenly bidding as there are no other obvious irons in the fire for CFE that they could be angling for. One year ago there seemed to be an African option but this hardly justifies Evraz recent urgent actions.

Juke