pdn offer is too low, page-16

joanjoan, Sorry for late reply but i have been in europe for the past 8days and have been out of touch.
Firstly no creditabilty problems with smm ann , a couple of very minor points of interpretion and the counterclaim has been in the public domain for months.

Secondly to suggest ssmm could lose valhalla to pdn is fanciful. This was a defensive knee jerk action by the other party to try and give the semblance of a possible defence.
Lets remember smm had preemptive rights ,has 50% and is manager. IMHO resolute spun off valhalla into listed vul to try and get around this and then breached confidentiality agreements to sell to pdn.

Why smm delayed taking action i dont know ,maybe there were ongoing discussions between the parties and the talks broke down. Either way smm would not be bringing this action unless they were extremely confidant of their position.
ALAN EGGERS COULD SELL OUT AND WALK AWAY WITH 50 MILL OR MORE . The fact that he is not is because he believes the offer massively undervalues smm and shortchanges its shareholders. Also SMM will become a major mining house in its own right. It doesnt need pdn to do it.
This has a long way to play and I and a number of significant holders will be ignoring the pdn bidders statement until an offer is put on the table that fairly reflects the true smm value. DYOR in detail.