Ann: NST: Update to EKJV Offers, page-4

I am surprised Argonaut couldn't see the value in the this offer...but then again they have never been very good at the work that they do! As you can see by not seeing the shareholder value that would be created by accepting the offer. This would allow TBR to get on with business in Ghana and the Philippines while fully cashed up.

Another poor decision by the board at TBR and RND to reject the offer. I am more than happy for NST to offer maybe another $30m but that would at a major premium and wouldn't look good in the eyes of long term investors.

TBR/RND board need to take this to the shareholders to vote on the deal. To not do so would show the incompetence in regards to the management of this company.