glencore offer predatory and opportunistic

Dear All

For those in the stock since Anaconda days, the Glencore bid is highly predatory and should properly be rejected.

There are a very long list of reasons for this including:

- The strong long term outlook for nickel;

- The replacement cost and long lead times to get a plant up and running. BHP blew $3 billion on a similar plant which did not work - Equivalent $3 plus Minara price;

- The temporary high Aussie dollar which has put pressure on margins.

- The temporary international economic crisis - ditto;

- Similar takeovers albeit during the boom but at $15 Minara equivalent;

- The fact that Glencore itself has bought in the past at $6.60 (current equivalent $2.64);

- The fact that the plant after a lot of years of patience is now up and running;and

- The heap leach technology which is propriatary to MRE.

There are a lot more reasons but to Glencore, you got over 50% and 70% at rock bottom prices without a takeover premium. Try and exercise your legal duty as a majority shareholder by sensibly running the company to make a profit, not trying to take advantage of the minority shareholders.

Cheers EOS