serious question / issue, page-3

Hi Cabe - I suspect the reason it is not mentioned the initial announcement is just a high level summary (key assets) of what they expect the merged entity to look like. Since CUR has previously stated that they intended to sell it, then it really won't be part of the merged company.

The real detailed information won't come out until early to mid december when the bidder's and target's statements are released. This will have a fairly comprehensive look at the two companies and should include a series of valuations to determine whether or not the deal is fair and reasonable. If you like this kind of thing they can be interesting reading. Take a look at the POL-MIN statements, for example, and how they value a company for this sort of thing. It is generally not nearly as favourable as the way I look at these projects. There should be a value assigned for Liberdade in these.

The documentation has the normal 'No Material Acquisitions, Disposals or New Commitments' statements, but Liberdade should be excluded as it was announced prior to the merger notification. In any case, GGY should be able to consent to its disposal if it comes to that.

We might need to find some patience as these things can take a while. It should be quicker in the absence of another interested party, but they are still looking at January to move forward with the merged entity.

I'm hoping another party comes along with a competing offer. We are getting peanuts compared to what this could be worth and unless GGY gets prodded, that's all we'll get. That might also draw out the acceptances for a bit and even more patience may be needed!

The CUR SP has been a bit disappointing in all this. It has been lagging well behind the value implied by the merger. I see GGY is coming back a little today to get the implied value a little closer, I was hoping the CUR price would move the other way to make up the difference.