Ann: Ramelius Makes Recommended Takeover Offer for Breaker, page-119

As a BRB shareholder, I am appalled at the FIRE SALE nature of the deal the BRB Board have recommended.

Given BRB’s recent statements re working towards the “commercialisation” of the Lake Roe Gold Project, I wonder at the Board backflip in selling the entire Company! If asset monetisation was the goal, surely a deal for the Lake Roe asset alone would have been more prudent and value protecting for BRB shareholders. As this Offer stands ALL the Company’s assets have been put up for sale and significant cash thrown in.

I agree with asculpeous (post #66875890)

“It is a low ball mean spirited deal and no one should beswoozelled by some posters who say there were problems with what BRB was doing”

(Tangs post #66874605 & 66875257) questions the quality of the BRB Lake Roe asset, hence low bid, however MD of RMS, Mark Zeptner is quoted in MNN article of 20/03/2023 “Ramelius makes $131M bid for Breaker” as below

Zeptner rejectedconcerns the company would deliver a "classic Ramelius slash" on theresource, saying his technical team had not raised any concerns about Breaker'swork so far,

Zeptner said LakeRoe was a promising greenfields discovery that "appears to be apredictable deposit", although it has failed to garner much markettraction.

"Sure, we'llput our stamp on it, and there could be chances, but what is important arereserves and the mineable inventory," he said.

From the MD’s comments, clearly RMS are happy with the robustness of the deposit and the Resource ounces/mineability, so can only conclude it is NOT the quality of the assets that have affected the low Offer price! If BRB shareholders (long term or otherwise) want to capitalise on their investment the obvious play is to HOLD your shares and with less than 50% acceptance, force RMS to re-think their position.

Although 2 of the large American fund shareholders (NOT the 3rd) have signed a pre-bid agreement, does not mean they have the same outcomes or investment hurdles that non-Fund shareholders (the rest of us) do, or that they have any better insight/advice as (Tangs post#66874605 & 66875257) suggests. All it shows is that they want out now and the pissant amounts of their investment in BRB compared to the Funds they have under management won’t make even an ! on their bottom line.

In this instance ‘what is good for the goose may not be good for the gander.’ From my reading of the signed agreement they leave the gate open to receive better offers and the shares won’t be preferentially owned by RMS until >50.1% acceptance. To me, it looks like an offer to acquire the shares! So… not a done deal for them either!

(Zephyr2 post#66876181) points out many of the reasons that make this Offer value destroying for BRB shareholders.

I agree with (jdpc35 post#66874953 & Tigercat post#66873292), the simple solution is for RMS to offer a fair scrip trade. It won’t negatively impact the economics of the combined Projects and development, it just offers FAIR shareholding value for incoming BRB shareholders.

I’m holding my shares until a reasonable offer is received from whomever. Obviously, this is not financial advice and you should all make your own decisions. My hope, however, is that we stick together to force a better deal than our Board has recommended!