Ann: Target's Statement , page-14

Dear Mr Cracka

There are only two possibilities.

1. Glencore gets to 93.38% of the company and we get compulsorily acquired at 87 cents which is a price I would never have sold at.

By way of background, I have traded and accumulated Minara for over 12 years and my objective was to wait out for the next nickel cycle upturn and trade above what I believe was a realistic price of $2 ($5 old share price). I did predict the earlier upswing and urged people to hold. I did NOT predict the huge naked short selling campaign which drove the SP down. This is shrouded in mystery but I don't believe Glencore were involved. Overall, I have made the most easy money when I have followed Glencore's lead.

2. Glencore does not get to 93.38% and we remain minority shareholders and then Glencore will regroup and decide what to do.

Glencore's actions will be largely determined by how much nuisance the minority shareholders make of themselves. My belief is that Glencore is playing the minority as complete fools and have considerable influence over the so called independents and KPMG. Remember, these are the guys who are supposed to be protecting the interests of the minorities and the recommendation is to "give up". As they have demonstrated in the past, they are strongest when we have been at our weakest - two deep discounted rights issues!! For significant shareholders, I would recommend you take some sort of action to protect your position - complain to ASIC, consider the takeovers panel if you are big, go to your MP, go to the press etc. Whatever positions of strength you can take, just do it! The more you can legitimately hurt Glencore, the higher price you will get. Well worth the effort and the downside risk is modest. For small shareholders, probably not worth your while to be honest.

Cheers EOS