watch sparks fly here

Paladin announcement out today - its voting power in Summit is 0.63%............. 0.63% !!!! It's almost impossible to believe this is all that has been achieved through this hostile takeover bid! ??????

Confirms the market almost TOTALLY agrees there is more value in SMM than the PDN offer.

The offer has to go up or we don't play! (and up by HEAPS)

Here's the announcement ................

Paladin Resources Ltd (Paladin) has made offers under an off-market takeover bid for all the fully paid ordinary shares in Summit (Offers).
The Offers are contained in a bidder’s statement dated 27 February 2007 (Bidder’s Statement).
For the purposes of section 630(3) of the Corporations Act 2001 (Cth), Paladin gives notice that:

1 it has freed the Offers from the conditions in section 13.8(c) (‘No prescribed occurrences’) of the Bidder’s Statement;

2 the conditions in sections 13.8(a) (‘Consent to quotation’) and 13.8(b) (‘Lenders’
consent’) of the Bidder’s Statement have been fulfilled; and

3 its voting power in Summit is 0.63%.

Date: 5 April 2007