ms "bb", page-5

marwoode:

obviously in the short term the sbm deal is better as you would have got a 1.92 per share, however that would have been the end of cah.

cah is currently only one 100% project edena may and one 50% project cracow. at best cah in its present capacity is only a small gold miner and in essence eventually would have been merge or taken over by another company as the lesser comp.

this merger with conquest and in a round about way newcrest will in the medium to long term establish cah as a medium sized australian gold producer with a solid portfolio of gold projects and the backing of a large gold producer in newcrest mining (new crest to have 30% ownership in new business). in theory such a business will deliever better returns for shareholders and present a much better investment.

so i quess it is a perspective as to where you see the value in the future, however you can hardly blame management for looking for a deal where cah will be the dominant comp.