Ann: Argonaut Appointed as Financial Adviser, page-8

They publicly said it was a fair offer in their announcement.

What they also said was that the offer is “fair and sensible”, which seems to be a deceptive play on words IMO as there is a defined and understood meaning when it comes to valuing mineral properties when the words “fair and reasonable” are used.

Directors are duty bound to recommend an offer when it’s fair and reasonable in the eyes of an independent valuation that they commosioned and accepted on behalf shareholders.

They can still recommend an offer to shareholders when that same report finds that an offer is not fair but reasonable but they can’t recommend an offer to shareholders when the independent report finds the offer to be both not fair and not reasonable or fair and not reasonable.

These terms have real legal meanings and implications on directors duties when it comes to the valuation and the consequent recommendations that directors are allowed and not allowed to make to shareholders operating within their fiduciary duties under the corporations law when offers for assets or the company are made.

If I was the board I’d just reject the offer outright and not engage or seek any independent valuation.

Once the board has officially received such a valuation it can not hide from its obligations to put that valuation to shareholders and make a recommendation.

The shock for NST shareholders based on a valuation derived from an economic model of the EKJV project will be that 50% is not anywhere near worth the $1 billion as implied by NST’s market valuation IMO. It’s probably worth more than what is being offered but not anywhere near $1 billion.

Just like the cash paid for Pogo has been rehypothicated into the billion $ range by these sick, broken and corrupted markets, the EKJV is worth closer to the offer price than the ~$2 billion (for 100%) implied value given by NST’s share price. Do you really think the Japanese are that stupid giving the Pogo project away that “cheaply”.......and why did they take cash instead of NST stock??? Reason: NST is carrying a bankster bubble valuation at present. Esh