Ann: Ceasing to be a substantial holder, page-74

I predict that you will be getting a call from Rupert & Kerry in the very early morning asking for comment on the situation before they go to print. The rest of the market will be waiting upon your words prior to opening

Well there could be a bit of blood rushing to the head for a few people keen to load up.

SBM may not even want to take Peel over. They may be content with a board seat. Having a seat at the board would satisfy their stated objective to be an active participant in deciding the companies future. I would also expect they would be offering some of their people to provide technical expertise. The amount SBM have outlaid thus far is not significant for a company with their cash reserves. They may be content to sit on a holding just under the takeover threshold. It protects their investment & will give them a voice that management will have to consider.

Taking over Peel would be a hell of a task for anyone given the large chunks of the company already held by the smart money. We are not talking about a group of naive investors here. Pitt & Hodgson have been active in the mining industry for decades. They know having direct exposure via Peel scrip gives a much bigger bang for the buck than having exposure via an enlarged SBM. IMO any takeover to be successful would have to be pitched at a very high price indeed.

We just need some more good drilling results to really fire things up