Ann: Chairman's presentation to the AGM , page-9

Unfortunately its a case of 'times change' lldsrud. Peabody had a few stabs at taking over Macarthur Coal; they finally got what they wanted with a bid that was close to the one that was originally turned down. CAP has a smaller cash balance now as well so the enterprise value of the company will be higher now at 50c than it would have been in 2010 at the same price. Iron prices have dropped which removes the board's bargaining power somewhat, even though Hawsons is well and truly profitable if spot iron kept at these prices. I'm certainly not advocating a lowball offer because if CAP was left alone to do their thing then it would be a success story in the long term; I've no doubt about that. It's just that ASI/Conglin are the ones with the big dollars to spend and they will buy their way into ownership if that is what they want. You or the next person might not accept a takeover but a fair few would be happy to if they woke up and saw the stock was being bought for 80%+ above the previous night's close.