Member Info for addicknt

The current sp is telling us 1) the market doesn't expect another bid and 2) it's not even convinced this one will actually happen.

I'd be perfectly happy if it failed, the sp dropped to 15p and our Board got on with de-risking the asset, provided Franco haven't got cold feet.

RT, one way or another this is definitely 'the beginning of the end'.

Fair point, Pbow. I suppose 'minded to' is open ended, although it's not the response a confident board would make.

The board would not recommend something if they knew someone else is preparing to bid. That would be plain daft.

It's worth adding that NM is the real mystery here. Why has he accepted now? Investor fatigue? Needs the money for something else? Or was he aware of something else?

Fort, again, fair point. But did JCC lobby them, or was it us? My view is that it was our lads. JCC wouldn't have been able to tell them if anything else was in the pipeline...we would.

Is anyone contemplating changing their voting intentions at the AGM?

NMM, I take your point, but I wonder if something's happened which has dramatically changed the situation.

I'm struggling to understand why our Board has rolled-over - particularly NM.

Fort, that's a fair point, but the undertakings given by NM, New and BHP tend to suggest nothing's out there at the moment.

Medi, that's exactly how lending institutions work. If they spot distress and a risk to their money, they flex their muscles and invariably get their own way.

I'm obviously only speculating about Franco, but I'm struggling to see any other real explanation for this complete about turn.

Fort, as I said earlier, I'm convinced they're been pressured into this and I wonder if Franco are the culprits.

Tiger, the obvious answer is that they don't want it.

Fort, they will have spent the last few weeks scouring the market for other bidders. It seems they drew a blank. We were not far enough down the de-risking path.

Nal, I'm so glad you're feeling smug, but you don't need to feel sorry for me. I've made a pretty reasonable profit on this, which will be far greater than yours.

Am I disappointed? Yes. I thought it was worth more than this, but as others have said, a profit's a profit. But the other good news is that if this actually succeeds we can all leave this board safe in the knowledge that we won't have to endure truly unpleasant people like you anymore.

Have a lovely weekend, you odious creep.

Pbow, I think that's quite likely. That interview the other day really highlighted the impact cost rises have had on juniors.

Will have had a big part to play in this and I wonder what they know which made them tell our management to recommend this?

Are there considerable delays in the workflow? Were they tacitly implying their reluctance to advance more cash? Had the levy made life too difficult?

Whatever the case, they must be supportive of this and even though they're not shareholders, their influence behind the scenes would have been all-important.

Tom Tee, hold. The sp is already beneath the offer price, so you'd be ill-advised to sell now.

The market reaction tells us it doesn't expect any competing bids, which frankly seems unlikely.

Q, if nothing else emerges, it will.

Over 40% already offering non-binding letters of support.

No effing way!