Turning Point, page-70

Yes Nailbiter, while the non renounceable rights issue is inherently unfair in that it is a pay up or suffer dilution deal I believe that those share holders who ignore the offer will regret it in the longer term. These are tough times for the company and we have already seen a massive loss of share holder value. But, in my opinion, the future looks bright. We have oil returning to supply/demand balance, may even see the POO back to pre crash levels in a couple of years. Horizon is already likely to be cash positive. We have the global influence, presence, capital and engineering expertise of IMC as a major player and, in my opinion, they are very likely to have takeover ambitions. Why wouldn't they? Horizon has been a prime takeover target for years and there is now a major focus on low cost LNG in PNG (e.g. Oil search/Interoil etc). Horizon has the largest uncommercialised LNG resource in that country. In terms of our interests we also have sound ASX takeover rules as freida has explained.