South China Resources

Tony - I'm looking forward to next month. I've no better idea than anyone else what will be announced, but I feel pretty confident that we'll end up knowing a good deal more than we do now, so that's something to be wished for.

Really, this has become such a 'fear the worst' thread that I do suspect there is next to nothing in the price to represent any optimism. If confidence is restored, then I know which way I think the bet goes.

It's been clear for a long time that they've wanted to do another deal, and they've achieved that. So let's be prepared to give some credit for fulfilling that ambition! Of course, we will want to see the details.

I maintain my view that there is no hard evidence to suggest that Danfeng is any less economic than we ever thought it was.

Of course, one worries about the seller(s). One always fears they might 'know something' that we don't. But there are, of course, so many, many examples of shares which have suffered from persistent off-loading only to go on to do great things later. Perhaps it is still employee options being sold off - if so, that doesn't worry me too much.

A happy New Year to all.

Simon