JB got in a bidding war for the Summit against the French nuclear group Areva. Summit owned a U asset in Queensland called Valhalla. Areva wound up owning a 10% blocking stake in Summit.
Summit eventually got bought out for a ridiculous share price of close to $7s, if memory serves, in a share swap for PDN shares.
The MD Alan Eggars became a vey rich man from that deal.
However … there is still no mining of U at Valhalla.
More background here https://finance.nine.com.au/personal-finance/uranium-takeoff/c5bff95a-4a50-4ee7-a523-2c3ee2b4b7cb
Ann: Shareholder Update on Offer to Merge with Vimy, page-50
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Mkt cap ! $1.361B | |||
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