We have only been quiet on on hot copper - our updates are on...

We have only been quiet on on hot copper - our updates are on the focr website.

You will see on the web site that we don't recommend you act in any particular way - that is because we don't feel we are in a position to do that this time.

To those saying the directors or YAG want liquidation I personally believe that claim is untrue and we have proved it! They said they would liquidate if we voted the proposal down last time didn't they - but they didn't. Obviously there are benefits for them in avoiding liquidation or they woudl have liquidated last time. I do not believe they want liquidation but if thier hand is forced they will have no choice.

Last time we took a "punt" - despite the info provided by Fh - we did not believe they would liquidate the company if we voted the proposal down. There were a number of reasons for that, including the understanding that if liquidated all the accumulated tax losses woudl be lost - presumably including depreciation etc.

Contrary to what the dooms dayers were saying at the time - ie. if we voted the proposal down the company would without doubt liqidate and shareholders woudl get nothing(because the info provided by FH said it would)we stuck to our guns and asked you vote the proposal down. Plenty came up to us after we got the proposals voted down saying good work - you just sold the company to the Chinese - well that didn't happen either

We asked you to vote the proposal down last time in the hope we could arrange an alternate corner stone investor - but despite a huge effort by many people - that was not to be.

Yes - we managed to get a 100% improvement in the percentage for shareholders - 5% - 10% at face value but all I can say is I for one felt gut wrenched after hanging up from the phone conference that 10% was the best we could do.

When it comes to voting it is my opinion that it is different this time. Personally - and this is not with my FoCR hat on - just my personal cuzo the boozer?s hat - I feel it is very different this time and is therefore much harder to recommend you vote one way or the other because I suspect strongly that liquidation will follow this time if we vote it down again and we have no alternatives to try other than the slim hope YAG might improve the offer a little more or offer further assurances.

It is for that reason we have just tried to outline the pros and cons of the offer on the web site

My personal view is - on one hand, I suspect that if we vote it down - it is likely the assets will be transferred to a sub company and sold to a company nominated by YAG and the CMR shell liquidated. So if you intend voting against the motions it would be prudent to believe that in doing so the company wil be liquidated and shareholders will get nothing.

On the other hand - I remain to be convinced that shareholders will get anything by voting for the proposal.

Yes we get a director on the board but really - how much sway can one person have in a board room comprised as it will be. I can not see how shareholders can have any sway in what the company does and I remain to be convinced it will relist. If it does relist - who's going to be lined up to buy shares people want to sell - not me!

If I had a third hand I would say I can understand that for many - righteous indignation is an entirely valid reason for some to vote against the proposal. I know some of those people personally and I can well understand the desire to vote it down to deprive YAG of tax loss benefits and other things or just make it as hard as they can for those who they see as being responsible for putting us here.

All I can say is - if you know how you want to vote - then it is best if you use your voting form to vote for or against the motions individually - vote directly - and vote as you see fit - without appointing a proxy (unless you want to appoint someone to speak for you at the meeting). Then return the forms direct to the address provided (the registry this time not FH). But I wouldn?t be sending my vote in till the last minute but in time to make sure it got there on time.

If you remain undecided - then it may be worth giving consideration to appointing the ASA as your proxy to vote as he sees fit on your behalf. However, because you are undecided, do not direct him how to vote - the ASA rep will cast those votes on the day the best and most responsible way he sees fit.