Takeover, page-22

Micklemickle the value of 29c per share assumes WDR is able to mine all of the ore reserve at a profit of $20/tonne. It is a current value for the future profits. My sentiment is sell as I have my doubts about whether WDR can survive given the considerable debts they have built up and the ineptness they have shown to date! If the iron ore price does not improve then they will not be able to generate enough profits to pay off the debts.

I presume BM will get further shares issued to him at a price to be determined.