share price and cash, page-10

phil, clive said they wouldn't capitol raise at this price, and would look to industry as an alternative.

So, forget the talk of 20c and dillution effects of a raising.

As for takeover talk, that's when the real IGV numbers come out, not the firesale SP the last bunny sold it for.

Ask what t/o value RIO or PDN assigned to EXT and DYL when they bought a blocking stake in those companies, when they paid for their slice of pie, 250 mill mc.

ie, the sp paid, reflected 250 mc.

So, if you're talking about a t/o for BMN, with a mmuch further advanced JORC, think 500 mill.

No director would sell BMN or recomend selling BMN at less than intrinsic value, and notwithstanding, less that the typical price paid for a slice of BMNs peers, DYL and EXT.

Up until the instos exit, BMN was perceived at being a higher MC than EXT, so if you cant see value here, at these prices, then we'll have to agree to disagree, but 40c take talk is just Rubbish.

cheers