RE: I wonder what Biswas is thinking12 Sep 2022 23:50
Schlemiel - FWIW I think SB threw SD a curved ball by not taking up the extra 5% never thinking that Shaun would go out and secure funding so quickly for GGP via equity/debt raising and bringing Tribecca, 3 major Banks and worst of all Wyloo onboard. Also bringing 3 major mining/corporate names onto the GGP Board, has probably left SB reeling and dawning on him that Shaun is someone to take very seriously. IMHO I think SB was trying to corrale GGP into a corner where we couldn’t pay the $50m loan back and/or future demands for costs in building Havieron. I will go as far as to postulate that the descending SP was also very helpful at this time. However, Shaun has turned the tables and all it has really cost SB is the extra 5% of potentially the largest mine in Oz for decades and perhaps the opportunity to buy out all of Havieron (maybe even GGP) on the cheap - Wyloo complicates all of that now and serves to de risk us even further. Of course anyone can come in to try to buy us at anytime, but with Wyloo and other financial supporters in play, the price is no longer “on the cheap” - we have been derisked IMHO. In fairness to SB I have penned before that despite NCM’s wealth he may have been so far under the cosh from NCM shareholders to produce dividends now and less of a “jam tomorrow” approach, that he may have decided not to pursue the extra 5% purchase (thinking he may get all GGP or Hav “on the cheap” later and would fight that battle with his shareholders as a one off fight rather than 5% now and another battle for the rest later?) I feel certain that 70% of Havieron will still prove to be a win in the eyes of NCM shareholders in the future and for our part, there is now no reason (that I can think of) why NCM won’t accelerate the Hav drill AND start proclaiming its greatness for their own benefit (as well as ours). If my musings are right, SB will be an even friendlier partner to GGP than before as he settles for 70% of a “wonder find” at Hav as Shaun has now “corralled” SB into a corner where he would be mad not to. This is AIMHO and I mean no offence to anyone in trying to make sense of something that has been puzzling to us all. No offence will be taken by me if you disregard this post altogether or disagree with it - it is just thoughts down on paper and in no way do I seek to insinuate underhand tactics have been employed by anyone. Good luck to us all.
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