The voice and Woodside, page-9

Nunya...

Nunya...

Nunya business...

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I'm in two minds after reading the deal they cut themselves for payments. Of course, it's always going to be a difficult choice as to how much one pays oneself. That's a real difficult one. I didn't like some of the things I read in the remuneration discussion/report. I'd be inclined to reject it.

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I do agree with Mark when he says that Bell Rock hasn't provided growth alternatives which compare to the BMA purchase. From that perspective, I also can't see any growth alternatives anywhere near as good as BMA. The deal itself is, of course, loaded with risk, but, without risk, there's no reward. I do read a deal of bitterness coming from Bell Rock and rightly so... it appears that they invested heavily with the buy backs in place and expected a good return quickly. I also thought that we'd see $15-18+ with the buy backs. I got stung with around a 10% loss... I know there's others who got stung too... we only need to look at how buy backs have put a rocket under USA coal stocks to feel bitter. They bought just under 5% of the company with the buy backs in play, only to have the buy back stopped... ouch... then a complete change of the underlying company direction... ouch...

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Yeah, so, I'm not to concerned, because my position isn't anywhere near 5% and I can sell down or buy in quickly. I reckon most other small holders aren't concerned either. If the buy price is right, which I reckon it will be, then WHC is a magnificent buy for the long term... but... for someone who wanted a quick 12 month turnaround... it's going to blow things out for maybe 2-5 years depending on the prevailing conditions and the risk profile of the trade has changed totally.

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Personally, I hope WHC gets the BMA assets. I'd vote in favour of buying them for a good price. I don't care about the buybacks as much as I'd like to see long term growth through a well priced acquisition... the size/type of which isn't likely to occur again for 50 years. It'd be really unfortunate if WHC missed the opportunity.

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As for protest votes... Total unknown... My life experience tells me that protest votes usually win when the people being protested are controlling the protestors.