epc890 - rocklands project, page-11

Reply to your points:

'But didn't you just establish that EPC890 is owned by RCI?'

- Yes, note my point about investigating the merit of Jindals claims in the media about the a tenement held by RCI.

Didn't RCI make an offer at 42 cents straight off the bat with no other competing bid that would have let option holders convert anyways?

- Thats right, but at that stage there was no competing bid and it was early in negotiations with Jindal. Then comes along Essar and Meijin which give some surety that a deal is a likely outcome. This gives option holders some confidence that a deal is going ahead. Ask rhsurfer, he was an option holder that converted, ask him the reasons why he converted.

Didn't RCI terminate the takeover talks and not Jindal?

- Why did they do this? Was it that they thought the conditions associated with the bid were too harsh or is that they were worried about something else, possibly something to do with the validity of their resource estimates. I didnt think the rest of the conditions were that bad, strange yes, but not that out the ordinary considering that the price that Jindal were offering.

And now that RCI does have the cash, won't it be in an even stronger position?

- They obviously needed the cash at the time. Note that the company spent virtually nothing on exploration duties in the last quarter of last year, what does that say to you about how conservative they were with their money at the time. I dont know about being in a stronger position now, yes the company has extended their existence by securing the option holder funds, but I disagree with the company is in a stronger position strategically by telling Jindal to go jump. Any other suitors will really look at what happened and have questions for themselves as to why Rocklands were so willing to break the deal with Jindal.

I dont know whether to think that I have been fleeced of my hard earned at this point in time. I have doubts over the truth of the information that the company has presented. At a minimum the company should clarify the deal with Meijin.