Hi Nestor, While I go along with what you say, your comments only cover part of my argument. I maintain that it is the board's duty to investigate the sale of its "major asset" as one option if that is in the best interests of the company. Any agreement for a sale of the "asset" would be made subject to shareholder approval. This is quite normal where a board is not empowered under the Act. The board has now been granted carte blanche authority to sell at whatever "justifiable" price it deems ok. I did point out that one could make a case for "any old" price. I make the abservation that we are talking about deals in the Philippines; read whatever you like into that. Personally I feel the emphasis has been more on thwarting Xstrata without having "firepower" rather than focusing on shareholder value; they could have tried to do a deal with Xstrata subject to future developments etc. IMHO All of this is academic now; so far the market does not agree with me that RIO is a better prospect at these prices :) but, I will stick with my view.
IRN Price at posting:
42.0¢ Sentiment: None Disclosure: Not Held
