update on the deal, page-9

Hello Waiken
We are in agreement that the value of the bid is very low.

And I now agree with you that there is very little risk for a second bidder. The worst outcome for them is that they get stuck with ETG shares that they paid over the odds for. And as ETG appreciates as it surely will that won't be a problem for long.

There is no doubt in my mind that ETG will support their share price at some stage to make their offer more attractive. Could they be the ones that are capping? That would reduce their need to support their price by much.

Is BHP another potential suitor for PMH with their interests close to PMH?

There are so many variables here that I can't make too much sense of it other than it appears a one way bet currently.