Ann: Target's Statement , page-9

Something to remember.

Glencore underwrote a rights issue of 3 for 2 at 0.30 cents per share.

Total raising was $210 million. They ended up going from a 56 % shareholder to 70% after picking up the rights shortfall.

They were paid an underwriting fee of $735,000 or effectively 2.5m shares of the rights plus out of pockets.

Cost to them for these shares was 30 cents each for over 15 % of the company.

Less than 2 years later the board decided to give half this back by returning $111m or for Glencore approx.. $78m.

So total cost for Glencore? s extra 15 % in the company after Underwriting fee and return of capital was $0.11 cents per share. See how easy it is if you have majority control and no ethics . Come on directors simplest way for you guys to dud us further is to do another rights issue or better still give Mr Johnson some more options for the wonderful work he's done protecting shareholders . Maybe you can dilute us all out of existence.