To be honest, I don´t understand, why spin-offs are not happening more often.

Especially, if a company has several assets that have potential to be stand-alone projects.

Because (nearly) always, only the main asset is valued and reflected in the share price.

And for the rest, shareholders see nada. And as mentioned here, in case of a buy-out, these assets come for free for the suitor, hence my punchline in my message today.

The chromite suitor gets loads and loads of gold for free, or the other way round, the gold suitor gets the best "freely available and strategic" chromite claim in North America for free.

In any case, absolute bargains for either buyer, because the FULL value will NEVER be realised for shareholders in this scenario.

Therefore, I strongly support the motion on this board, to get a spin-out of Borden.

Yes, it´s a little bit of hassle for the company, paperwork etc. But don´t be fooled, it´s manageable and comes with little cost and time effort.

And if I look back at all the spin-outs I have been involved with, they have been financially succesful for me all of the time. Buy-outs with multi-asset companies and no spin-out have always been disappointing for me, financially.

So, Dave, I think there is not much time left for such action.

Get thinks started, get a laywer and a corporate advisor to do the job and spent a couple of thousand dollars. Time´s of essence here.

FANTOMAS