Ann: Baosteel Transaction Completed , page-7

Hi BT

I was just out for a run and contemplating the permutations and I agree that the Baosteel angle is very possible. Thing is if it is a takeover offer, they could secure the 24% of directors and management AND the 20% of AQA right up front with a good offer (if that's what it is).

Just further speculating, the 20% owned by AMCI could be seen as a road block. However, we already know that they (AMCI) may desire out of the WPIOJV anyway (sources say their 50% interest is on the market). So maybe they would be a seller too. In the event it is a bid, then would CUL be the next domino to fall? I notice its SP is up 7% today (light turnover). So some others may think so.

regards
DF