"I believe the buyouts that have taken place so far could/should have been for more money "

I do now, and always will, regret the fact that NOT did not position itself better before attempting the takeover of FWR. Their timing was just absolutely wrong, as they could not create a scenario where the big holders would buy in to the idea. CLF also understood that if they didn't fracture the amalgamation process there and then, they would not be in a position to take control as they have.

A combined FWR/NOT could easily have absorbed SPQ later as well as other players such as PRB and FNc, and we would be basking in the limelight with complete control with CLF on the outside trying to come up with funding to take it all out. Instead we are fumbling around with each of the pieces, getting a bit of gain from one, and then another, as we watch the whole thing disappear before our eyes.

Oh well.

Best regards

K