Hi Grant,According to clause 8.1.1 Paterson can get out if the...

Hi Grant,

According to clause 8.1.1 Paterson can get out if the S&P ASX 200 or the S&P ASX 300 Metal & Mining index drop by more than 10% after the date of the Underwriting Agreement.

On 20 July 2007 these indexes were:
XJO 6421.8
XMM 4919.9

So the exit clause is:
XJO 5779.62
XMM 4427.91

Neither of these have yet been triggered (although it did get close on 6 Aug when XMM got down to 4487.6).

Rights issue is open for acceptances until 20 Aug 2007 so I would assume that the clause lasts to at least then (perhaps until 28 Aug 2007 when the shares are completely allotted).

XMM currently looking to close around 4500 (7 Aug)

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