My understanding is they can't purchase on market during the Scheme. I agree the fear that CMM scrip could fall in price hampering the return to WA8 holders is real and valid.
Fair value at this time for me is 22-24c based on $115/oz, the cash held & some required blue sky considering what the drill bit has disclosed. That said, Joel mentioned above an absence of "price discovery" which is paramount. We've had great leads with the first holes of this drill program, should it be successful WA8 could be an independent producer in its own right in 3 years time with well in excess of a $1b market cap. That's what I'm here for.
CMM aren't stupid, they're circumventing the exploration program knowing full well there's a good chance of a rapidly increasing mineral endowment that they would rather not have to cough up for later. See what they proved up at Mt Gibson and I think they only stumped up $45m for it from memory. They want to emulate that with WA8.
Shareholders have the demonstrated power to stop this & make it clear to the Board that they will not consider offers until the drill program is finalised & we get a better handle of what the assets are truly worth......unless of course someone is prepared to pay up. CMM clearly think this is a worthwhile pursuit (and they haven't been wrong yet with Karlawinda or Mt Gibson). They knocked back approaches themselves at a not dissimilar stage of exploration for Karlawinda. We might want to take a leaf out of their playbook.
On another note, i wonder who a most likely (if any) an interloper could potentially be here? I'm putting up Regis as my pick
WA8 Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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