That's a great post, John, and it eases my mind to know that any...

That's a great post, John, and it eases my mind to know that any TO will need to have board endorsement. With 14.5% board and management and 12.5% which automatically converts to 20% with options in the case of a takeover for MTR, no one is going to be able to mount a hostile takeover.

And your point is exactly right, irrespective of whether you are trying to protect the company from a takeover or reduce the dilution when raising capital, the right strategy is to drill like there's no tomorrow.

Cheers,
Tim.