Ann: Trading Halt , page-35

From what I can see, both companies are well below value on the market, Minotaur has consistently been valued by the market purely on its cash holdings and securities investments. No premium has been offered for any of its tenements, then BRW is priced purely on the current value its undrilled tenements.

And as far as the market is concerned, the offer is reflecting exactly what the market feels each company is worth.

At least BRW will see some cash injected into their stale assets