Ann: Ceasing to be a substantial holder, page-86

Copperbull,

That's 100% exactly what I mean, but you wrote nicely. Further, for a $1.6 billion company like SBM they will want great projects, bring all of them into production ASAP. This will improve SBM's share price on return on equity (ROE).

If they just hold PEX shares and PEX takes 5 years to bring one project into production (due to lack of funds, lack of staff, delay T1 feasibility study etc) than we may miss this zinc boom and not very good for SBM holders either.

If you look at SBM's share price, they went from 7c to as high as $3.77 in 1 year. They get things done well and quickly. That's why I said if all script bid will suit them well because of their strong share price.

I do think in terms of what's best for SBM holders (which I'm not a holder) and PEX holders. If takeover happens, we can bring our zinc projects into production quickly instead of missing out on this zinc boom. IMHO zinc boom can only last about 3-4 yrs, so we need a large player to come in, takeover (script and/or cash) and get 10 drill rigs going, feasibility study done and build mines. If not we could be sitting there negotiate finance and only 2-3 drill rigs running. Too much delay (like T1 feasibility study, more than 3 months behind) and I'm worry about boom might finish in 3-4 years time.

$1.6 billion dollar company like SBM generally not interested in $10-$20m paper profit, which they can never realise that profit anyway.