Merger on track, page-5

Messy,

A typical acquisition commands around 30pc premium. Roc current market cap is approx 400m and with 30pc premium, the bidders need to pay around 520m.

The bidder will need to be able to create value in excess of 120m for the acquisition to work...either through synergies is revenue or minimising cost. Revenue for roc is dictated by production capacity and global price...and aaccording to delloite report and you sharply pointed out, roc will be at its production prak this year /next year. There is little synegies to be gain from revenue...leaving cost optimisation as the only source of value creation. Can the bidder actually cut cost by 120m? If so, it only means that roc is a highly ineffiect company at its current state.

Also, the timing of ther offers coincide too well with kry events. Ie. One day before the egm. Am i being too far fetch to say these bids could be very well placed by parties related to those who initiated the egm to hopefully get shareholders to vote in their interest?

In any case, i will be holding on to the remaining of my unsold roc..i think there can be some upside potential in the merged roc hzn.

And as a shareholder, i am only after profit...im not being emotional or sentimental over the stock