sp direction, page-14

20c worth

Turgi's 20% is 10% Clive Jones 10% Nathan McMahon.
At the last AGM, Nov 08, I questioned them about this holding and asked if it constituted an impediment for a bid for BMN on the grounds that any potential post take over owner of BMN would only own 80% of the projects. They each assured me that their holdings (Turgi) were actually a positive as it allows a suitor to achieve a substantial stake in one purchase. Which is to say anyone wanting to T/O BMN would naturally buy their stake first. Other long term holders have said that this is a cost that holders might think of as a spotters fee. BMN is unlikely to do a deal over this 20% stake, not least of which because they have no cash. But the other issue I asked was if they, (Turgi), would be free carried and was assured they are obliged to come up with a proportional cost post BFS. IMHO they have NO hope of coming up with the money this requires and once the BFS is out we'll see the Turgi stake shopped.