presumptions and assumptions, page-8

In all these fights it often comes down to legal matters. I was once part of a team that got outvoted because we did not have a valid company minute authorizing our representative to vote our shares.

The company had the proxy for about two weeks and had got a very senior legal opinion - we had more directors than those that signed the proxy form - Not sure exactly what was crucial to the issue but in the end it was a disaster.

So if I was to guess I would suspect that attorneys on both sides will be seeking to make sure they don't slip up.

Its how many family , friends and the will to vote - often many just ignore these letters and hardly look at anything other than the sp. If the sp was to climb many may well not be so unhappy so I think ERM wont be buying as that would be pushing up the value.