Where Citicorp Nominees stand in all this is an unknown to us....

Where Citicorp Nominees stand in all this is an unknown to us. But it very much looks like IMC is aggressively acquiring a pre bid stake. Would they do that unless something had been worked out with Citicorp or their position had been made clear enough to provide confidence for IMC? I would think not. IMC know what they are doing and Horizon also knows. They are aiming at the 90% threshold after which they can compulsory acquire the remainder of shares. This is a friendly takeover process in my opinion, IMC are cozily on the Horizon Board and even have a say in Emmett's salary through membership of the renumeration committee. I'm not suggesting any collusion that will disadvantage us, to the contrary IMC have bailed us out and in return have been able to grow their stake in the company. They see the future of the company as a prime low cost LNG producer in the best location of all, PNG and they have the capacity to bankroll it.