Where’s the bottom?, page-92

Let's say you are correct. No Rox TO while the JVs are in place.
But Venus is very vulnerable to a TO as a gateway to a TO of Rox.
Venus has a market valuation of $28m. It has at least $7m in cash and cash equivalents (Bonds) and holds 2% of Rox.
Venus has tenements that would have to worth at least $5m and probably more like $10m.
Venus has mostly disgruntled shareholders as it is well known as a lifestyle company.
A $35m bid would probably TO Venus
After the sale of the non Youanmi tenements and use of Venus's own cash, the TO cost would be between $18m and $23m which also snares 2% of Rox.
The Rox Board would be very aware of the threat posed by Venus as a stepping stone to a TO they do not want.
Rox has repeatedly tried to buy out VMC's stake in Younami without success.
They would have to thinking of a preemptive TO of Venus to de-risk Rox.
100% ownership of all Youanmi tenements is worth a lot more than $18m or so,