hoping for a higher bid, page-15

"The one who will deliver best the longer term shareholder value will prevail"

Actually what you will find is that the one who will win the legal suit for control of Valhalla will be the one who prevails. You must keep in mind that from the information that has been in the public domain regarding this case, the Summit CEO has very good reason to believe that the courts will find Resolute in breach of the JV disclosure agreement. Although I work as a broker, I have a close colleague who works as a layer at Freehills (not involved in the case though and holds no shares in either company) and he too feels that unless Paladin is successful in gaining control of Summit, the case will likely be found in Summits favour, giving them full contorl of the Valhalla resource.

This view seems to also be supported by some extent by the fact that PDN's public position does not deny there was a breach, but simply that SMM took so long in bringing the action against Paladin that they should have "done it sooner" etc.

I too own shares in both PDN and SMM, but I dont think any SMM holders will be crying poor if the offer expires without increase (which I feel that it will). QLD has come out in favour of mining Uranium, the Labour party is expected to lift its 3-mines policy at its conference in April, and the legal case over Valhalla is generally expected to go Summits way. These combined with future positive resource estimates now presents Summit with significant upside potential in the share price.