white wabbit, page-14

re: takeover offer increased .and still paying too Takeover premium has basically disappeared.

Generally people will wait until last minute to accept the offer, so don't expect a rush of acceptance.

There is a small margin to be made (look for the opportunities) by short selling KCN, buying AND and accept the offer (various between 1.5-3% during the day) not bad for a a week or so work. Relies on getting a good deal from your broker otherwise margins too small.

AND directors are fighting this one hard. They have been totally misleading to shareholders about likely dilution in the future to fund additional drilling, feaso studies and mine development (they haven't even mentioned it). Existing AND shareholders are going to be significantly diluted (with only major holder obtaining a benefit as they will get to play as well). I'm surprised that KCN haven't taken this one to the panel.

Would be interesting to see when Gilmour bought his shares and at exactly what price, as would appear (if shares were bought at end of day on 13 June, which in my opinion is likely), that AND would have closed below the 1 for 15 offer price on 13 June.

AND directors claim that they have added major value, but in over 12 months of drilling they have added only a couple of hundred thousand ounces to the resource (old AND website refer to a 600k+ ounce resource based on older drilling). So their brag about identifying significant value of 840k of ounces they have drilled is rubbish (and misleading to say the least).

AND have been shopping this for 4 months now, and there is only 1 offer on the table - and it would appear that it is a reasonably good one (based on stock prices).

Will be an interesting few weeks.

Regards
Marvin.