Ann: NST: Update to EKJV Offers, page-6

I guess in the end the all deciding question for TBR and RND shareholders is, wether their current management will make a positive or negative difference in the future for the share price ?

Just compare how the valuation of TBR (and RND) developed over time relative to NST:

NST made the acquisition of East Kundana and Kanowa Belle in the January of 2014 and from that point in time managed the asset. NST paid 75 million for a 51% stake back then.(including Kanowa Belle which is 100% NST owned)

Of course NST is not a one trick pony but arguably East Kundana is their best asset together with Jundee.

It was the new management of NST that significantly increased production and had some stunning exploration success which increased the value of the asset significantly. Well here is a share price comparison of NST and TBR in the timeframe since NST took over, speaks for itself:

Of course, TBR just had the special dividend of 3.50 AUD recently, which needs to be added to get a complete picture, but nevertheless it is quite obvious, that despite an excellent asset, stunning exploration success and increased production, the share price of TBR underperformed significantly. The same is true for the RND share price, although to a lesser degree.

Maybe NSTs offer is on the low side, but as a shareholder of both TBR and RND I wouldn't be very pleased with the performance of my investment given the underlying asset. It could have and should have been much better.

As things stand, is this likely to change in the future without any changes ? I would doubt that, so maybe the solution that NST offered isn't so bad after all.

Of course the takeover price would need to be somewhat higher, but in the longterm I think it is unlikely that TBRs and RNDs share price will reflect the true value of the underlying asset given the current circumstances.