Most of us were at 4.50 with you so don't despair - we'll be there again and beyond. As for taking private and rights of minority holders. I believe any buyer has to get a huge percentage before all the remaining shareholders are obligated to sell - I think north of 70/80%. I just don't see how that scenario materialises. Why would the Gutnicks sell their large shareholding of such a valuable resource at a knockdown, beaten up price? Why would Soros or Atticus or any of the big holders? Only forced sellers exit at these prices and hopefully we've seen most of the capitulation. Why would IFFCO buy a slice of the company only to sell it at a loss? They aren't interested in trading Legend - they want to tie down a reliable source of phosphate. They understand the value of the resource. It is literally their bread & butter. Why would they elbow themselves out of the driving seat? Why would minor shareholders, like us, sell out now if we don't have to? Add all this together and you don't get near a big enough percentage to force a takeover at knockdown prices. If someone want to buy Legend they would have to bid north of $5 and them some more.

Am I deluded? Don't think so.