the cmi story, page-13

Quinmon,

I don't think your valuation is unreasonable at all particularly as we have missed out on 11 dividends worth 37.5c plus franking since this Board came in.

My concern is that ordinary shareholders have very little patience and quickly get to the stage where they are prepared to accept the crumbs and run. An example of this is that we had an offer of a dollar in 2008 and 63c in 2009 yet the Class A shares are selling currently at 36 cents. Few people are prepared to buy in and sit and wait for the $1.50.

I once fought a similar case where I thought that the non-voting shareholders were being very badly treated - I didn't even have any shares myself but was acting as proxy for a friend. In the finish, the shareholders deserted me and just accepted the crumbs.

If we were offered a dollar now I think there might be a mad rush for the exit doors and those standing in the way might just get run over. For that reason I think there may need to be some compromise here to get a reasonably united front. But certainly I won't be one of those rushing for the exit and if enough of the shareholders are prepared to hold out for a fair price then I will support them.

It is interesting that I contacted quite a few of the CMIPC shareholders to let them know that I was going to do these postings on Hot Copper and already they have tired of turning up. I see only 11 viewers have read my last post. Who said the meek will inherit the earth!

GPASAS