Ann: Large independent shareholders support merger, page-8

- MLM received $4.5m ex gst. in cash so far for Sconi and had $5.2m in the bank as at 31 October with an additional drawdown facility of $4m so I can't see how that equates to being forced into VA without that sale.

-  MLM management previously stated their goal of turning the company into a major Bauxite exporter on the back of Urquhart and other acquisitions so fail to so the synergy with Ilminite.

- The deal has been stated by independent experts to be not fair to MLM shareholders.

- If Goondicum fails or flounders for whatever reason of which there may be many then MLM shareholders are left holding the can.

Pala as a shareholder and equity investor would have an exit strategy in mind so I'd be surprised if they're not looking at how they run for the door between throwing the hospital pass and the ball landing in the toilet.