takeover, page-50

What will the 3 wise men decide

If they were trully independent they would look at the facts

1. Debt level
Nil

2. Cash balance
About $40 million

3. Cashflow
Now positive

4. Future Cashflow
Copper price expected to rise

5. Assets
Value about $300 million

6. Value for shareholders
Fair value very hard to define
But I would think value of assets
Company compared to peers
$350 million should be considered fair value
A third of Northparkes

So 48 cents the CR price
Considered fair last year when copper prices were lower

I think that is realistic

But they could easily just say that they consider the offer
Doesn't represent the value of the company
And advise the offer to be rejected

Could easily lie and say this is a great offer and advise
Shareholders be wise to accept it

The thing is only TRQ is in a hurry to sell
And M&G

Any real investor would be happy how the company is traveling
And looking toward the future growth

Anyhow just thinking aloud
I would be happy to keep my money invested
And see what happened over the next few years

Still angry but calming down a little

IMOO