Ann: Retail Offer Booklet & Notice to Ineligible Shareholders, page-37

So today ends the SPP uptake. The next announcement will no doubt tell us the result and it needs to be dovetailed with the finalizing of the financial arrangements along with Redpaths being back on the job. The only path to a reasonable appreciation in share price needs either full uptake of the offer or near enough to it, along with confirmation of finances and progress being made in the mine as promised for June.
The next step is the quarterly and again we need an operating profit. This will sweeten things a little until the annual report, but the sweetness could be short lived.
If Dragues LOM in the annual is reduced to around 3 months, considering it has scarcely ever operated at break even, we could be writing off the remaining $120 million which of course translates into a massive loss. Neither the market or shareholders will like this. The Board of course made the massive mistake of buying it without shareholder approval. In essence they circumvented shareholders being part of the critique process of the worth of Dragues. Important questions could have been asked necessitating further research and even in trying to present a case to shareholders, the Board may have had to research the prospective purchase better than it did. They went it alone which is rarely a wise decision.