a vote against

What would be the outcome of a no vote on the merger? I think back below the SPP.

1. IGR would have to pay SLR the $4,500,000.00 break fee, money they can ill afford.

2. UG at CEB would be at least 6 months behind schedule, depending on remobilization time of equipment. Plus remobilization costs.

3. Some staff will start leaving soon if they fear they may be made redundant. How will you replace them if the merger doesn’t go through.

4. The same Board and management would be in place to try and put things back together, so for those who are so angry, you would just be shooting yourself in the foot.

5. IGR would be very vulnerable to takeover by a company WITHOUT the best synergies. It’s been posted here many times how the two would make a perfect fit. Price can be debated, but the future company is pretty clear to me.
So I think a no vote, even for protest, would be pretty self defeating. I’ll be voting yes.

I had lunch Friday with Chairman of NMI and another mining man and pumped them for their thoughts. As for the price paid etc, they wouldn’t comment too much as neither had been invited into the back room to do due diligence, (obviously). Neither has heard much solid info on the deal through the grapevine yet. But both thought it was an obvious and fantastic deal in whole. Corporate intrigue probably more mundane than a lot of people would like to believe. Going forward, they both agree that a year after the merger, if SLR successfully integrates the two companies, that company will then be bought out by one of the majors. No doubt from either one. That’s the way the industry is heading. Further talking about the mining sector in general, they were scathing of large Australian miners for being so lazy in exploration and research, that our big miners would rather buy than develop projects. Particularly compared to the Canadian and Yank companies. Very interesting lunch to listen to while looking over the rice paddies. And a good meal to boot.