Ann: Ceasing to be a substantial holder, page-76

"SBM may not even want to take Peel over. They may be content with a board seat."

Nijiman, I disagree. If SBM just want a board seat when they first subscribed at 20.5c they could have ask for one straight away, why buy more shares at 50-52c just to get a seat? Even with 9% holding (first 20.5c subscription), I'm sure they could ask for a board seat and assist us with drilling.

A fund manager can use paper profit to calculate fund's value in terms of units price, so their unit holders can redeem funds or add more units.

SBM is a miner. They cannot put say $10m paper profit from PEX shares and report to SBM holders. The way to unlock value for SBM holders is develop PEX projects into mines, so SBM will have multi-mines and multi-commodities. To fast track this process, we need more staff, more drill rigs (5-10), more funds, and by takeover PEX SBM can easily achieve their goals and create values for SBM holders.