Speculation mounts re Sirius' Independence, page-188

Putting aside the nickel price as there is little difference now to that when the offer was fist made. How can you claim SIR will fall further if the merger does not go ahead. SIR has not changed and could regain its momentum to full production. I accept for the demerger to fail is unlikely especially with Creasy holding approx. 35% but hopefully a rear guard attack from enough investors whose holding value is under attack will fight back and surprise the market. I believe the directors have let retail investors down purely for personal financial reasons. I expect they will command the same remuneration at S2 as with SIR even though it is a minnow in comparison with more risks and costs.