suggestion to all holders, page-9

re: suggestion to all holders ... hotnickel Grahod, you can't be serious!!

Just cause he's a Qld'er doesn't mean the sunshine comes outta Cottee's a***!

A bit of history-
1. QGC lobs a hostile takeover on SGL, they have a look and point out to QGC where they think it is deficient.

2. QGC issues a Supplimentary* (in QGC's opinion) fixing errors/ommissions. (*QGC wouldn't have issued a Supplimentary otherwise!). This document looked like a dogs breakfast with all the crossing outs/insertions when it came out.

3. SGL directors don't think Bid & Supp correct/address errors/ommissions and refer to independent judge -Takeovers Panel. (as you do)

4. QGC can't wait for Takeovers Panel's ruling (I don't know why not) and mail original bid document and supplimentary to SGL shareholders without Takeovers Panel or ASIC approval. Big punt!

5. Takeovers Panel rules - "bid & supp must be withdrawn and replaced with a correct document" (another forest of trees to be sacrificed and more QGC shareholder funds to go down the drain).

6. Cottee threatens to appeal Takeovers Panel ruling - haven't yet seen anything concrete from QGC on that. Cottee blames SGL for not talking to him. Suppose that is easier than admitting to his Board/shareholders he and his advisers had stuffed it. SGL told him what they didn't like in the Bid and he didn't fix it - big mistake.

Suggest you read Takeover Panel's ruling very carefully. It wasn't just a few spelling errors QGC got pinged on!

As a Sydney Gas shareholder it is fair to ask "what takeover?" Nearly two months since Cottee announced bid and we haven't got a reasonable offer to read.

So much for all the high powered advisers QGC have retained to pitch the bid - you have to admit they haven't given you much value to date.

Now Cottee tells the press he's going cold on the idea of taking over SGL! DOH!

What I was looking forward to was seeing SGL's reponse to QGC's bid.