VSG Comments on MAC

I note in today's Victor Smorgan Group's Global Fund May update re MAC the following:

"The offer is binding under the terms of the Scheme
Implementation Deed and has been unanimously
recommended by the boards of both companies. In addition,
several key MAC shareholders, including the Victor Smorgon
Group, have confirmed their intention to vote in favour of the
Scheme, in the absence of a superior proposal.
While the offer reflects a premium to the previous close price,
we believe it undervalues MAC on a fundamental basis and
that the proposal can be viewed as opportunistic.
On a relative valuation basis, across key production and
financial metrics, the CSA mine would be accretive to several
larger corporations and therefore, there is a high probability
of a superior proposal emerging."