When Brierley got into AUG and made their offer of 10c the...

When Brierley got into AUG and made their offer of 10c the shares were trading at 9c and the cash backing was 16c. RIO gave it away to someone who could give it a decent burial. This was an incredible opportunity that someone had to take up.

It is not something too negative for the shareholders as they have seen teh price of the shares up. It is probably the only way that value could be gained from a company with high NTA.

Since the offer of 10c was refused the only strategy that was left (with the 40% of votes) was to have your own directors on the board of AUG make life impossible to proceed. Mind you, the directors of AUG did not know what they were doing anyway with their problems in Indonesia.