change of control, page-2

Change of Control refers to the PDA (Project Development Agreement)and all the issues involving the PDA. Currently, the make up is Agrium 51%, Plenty River 39% Thiess 10%. In the PDA, there is a crucial date ( 31/5/03). If there is no project go-ahead by that date, then all the assets of Dampier Nitrogen revert to Plenty River. Hence, 31/5/03 could possibly see a "change of control" back to PRM. You see, PRM is the one in the driver's seat here. Agrium are desperate to be involved in the project. The following is my opinion only: Prior to 31/5 I believe that there will be a new PDA drawn up and the percentages of the participants will be different. However, I am of the opinion that Agrium will remain in control at 51%, but Plenty River will end up with a "minimum" of 39%. So therefore no "Change of Control". Not hard to work out the rest. This stock is so undervalued that it presents an unbelievable opportunity for those not set in the stock to get set at rock bottom prices. I have been in the stock for a long time and know that this project will provide a bonanza for patient investors. Hope I have explained "Change of Control" in layman's terms.