Ann: FML: Update on the Coolgardie Gold Project Sale Process, page-13

Total consideration up from $40 million to $55 million - FML squeezing HRZ for another $15 million, such is the gold market at the moment.

I'm not sure of the valuation, haven't read an independent report or anything, but I get the impression that once this was announced way back in February they should have tied things up in March instead of taking a long option period to slowly investigate.

So HRZ have matched a competing offer of $55 million.

I wonder who that came from, and whether there has been any shenanigans going on. It's hard to determine.

And how long are FML going to continue to run this process now, because I expect at $55 million they are at the upper end of the valuation. Is someone else going to come in and offer them $60 million? When will it end?

I can't say whether this is still a good deal for HRZ or not, though it would have been better if the processing plant was 2 mtpa rather than 1.2.

Has anyone heard any rumours about who put in a competing offer, it would be interesting to know if it was another ASX listed company, because it's obviously someone who can come up with $55 million, which is not an insignificant amount, so who has that clout?

Still watching, and good luck to all the HRZ shareholders, the length of this process has to frustrating for them.

Gw