dingyi have been signidicantly weakened

What a move by Harlequin, what a move!

I am very keen to see what price they paid for the shares as it states Harlequin paid a PREMIUM to the 5 day VWAP.

They have struck from under the nose of Dingyi like a patient wolf and have snatched 12.4% of the company's shares from them. It is effectively a 25% turnaround because not only have Dingyi now lost 12.4% which was used as the basis for launching their dodgy takeover offer but the founding shareholders have now gained 12.4%.

Now that the offer period has ceased, Dingyi will only own a paltry 4.85% of ELM :) not including the current $10 million convertible note if converted.

Dingyi is not a substantial shareholder anymore and good riddance to them. This takoever debarcle has wasted 1 year of our time and ~$15 million. We could have proven up Dougou during that year.

Of all the ways Dingyi could have executed this takeover offer they chose a very high risk way and I suspect they knew or ought to have known it wouldn't get HKSE approval so it may have been designed that way to slowly cripple ELM during these times of soft potash market fundamentals.

More good news! Robert Frankly has resigned. If you look at page 22, item 8 titled "Related Party Transactions" on the half yearly accounts announcement on the 12/9/13 Source: Click here you will see that ELM paid Corrs Chambers Westgarth US$439,839 in legal fees in a 6 month period. Robert Franklyn is a partner at that firm. This seems a massive amount of money to pay so his resignation should help reduce our cash burn to some extent.

Also, Michael Barton has also resigned which is terrific news as his role was really to represent Pala. This now paves the way for the entrance of a new director who can represent the interests of all shareholders, not just a major one.