Ann: Feasibility Study for Expansion of Baobab Phosphate Project, page-10

Given CD Capital's history its hard to see it wading into VRM with only a hope of success. SOL's record speaks for itself and the metrics of VRM's Ammaroo and Karinga Lakes projects are well known to SOL. But thats by the by. My point is that we AEV minority holders are very vulnerable to being taken out given the current share price, prospective value (looking to the long term outlook for phos rock prices) and a successful outcome for the JDC process and its uptake. Looking at the ANN regarding short term bridging finance and then the additional funding required for development and preliminary operations, the smart money is circling...As to how small/minority holders can best protect themselves, should they be buying into this market at these prices trusting that any (or eventual) takeover comes with a realistic value attached to the sale? We're hanging back for the moment.