Given my seemingly incessant comments to date, and some new...

Given my seemingly incessant comments to date, and some new information, I thought it appropriate to update my view ….

In response to my previous request for some Company related information, late last night I was contacted by Brett Mitchell (one of the founding SSH's and an "insider") and we spoke for just on an hour discussing the Tremont takeover situation. We had a very frank and open discussion and, to his credit, Brett listened to, acknowledged and answered all my queries and concerns (some very direct ones!). He totally understands (& shares) our frustrations - because he is also subject to Tremont’s offer like the rest of us. I am not going to bore everyone with every detail – but …

In essence, the Board is very pleased with the deal they have got for the shareholders, considering it has taken months to negotiate. In my opinion, this helps explain why the much awaited offtake and financing announcements were appearing to be kept “behind schedule” and why I won’t be surprised if they are not announced until the deal is done (if at all now – given CXX will be de-registered from the ASX).

Given CXX only control 50% of the Panda Hill project and our other 50% partner is being backed by Denham Capital (do some research on them!), the Board’s options were not vast. Obviously it would be a completely different story if Cradle had 100% control but unfortunately when we needed the capital the most – Tremont was there when debt providers (understandably) were not!

Notwithstanding our progress to date, there is perceived risks that still remain and, given the above, at the end of the day, we are not going to get a better deal than the .33c offered. To their credit, at least the Board negotiated a 20% premium on what Tremont paid Grant Davey.

I have certainly not changed my overall view that Tremont’s offer is a disgrace, but I have to accept that is how they choose to do business and that it is part of being in this “casino type” of game that we all play. I also haven’t changed my view of the Board’s absence at our last AGM – despite their own Corporate Governance statement…. “Cradle also encourages full participation of shareholders at the AGM of the Company”. It is simply not good enough!

What I absolutely DON’T want, is to stubbornly reject Tremont’s offer and be left being part of a ~9% minority. Fancy being left trying to sell your shares to the only one who is in a position to offer any liquidity….Tremont! Not for me thanks!!

It is clear - Tremont ultimately hold all the cards here (those with the most money talk the loudest and can last the longest!!) and they have done since Grant sold out to them. As much as I’d like to, I don’t have enough $$$ to try and fight this offer in Court so on this occasion, thanks to Brett’s insights, I am now "reluctantly" satisfied that their 33c offer is the most we will achieve. I have learnt my lesson and will be accepting the offer.

Good luck!