SBL it is not so much about the size of their shareholdings but the size of their wallets and their affinity and vision for the Phillips River Project!
Many of them have very long ties with Tectonic. If you look at todays very diluted value of their holdings it might not seem all that significant, however many have supported the company's funding needs over many years. I am a relatively small player compared with these guys but even I can remember converting some options at about 20 cents a share (costing me $20k back in the RAV-8 days). Allowing for the 1 for 8 consolidation that 20 cents now equates to $1.60 per share. There have been plenty of capital raisings over the years pre-consolidation that would now equate to costing well over $1 per share. So some of these long time holders (and I don't think they have actively traded to alleviate loss of equity) have a lot to lose by accepting the "paltry" SLR offer which equates to just a few cents a share in pre-consolidation terms. So they are looking at MASSIVE capital losses (we are talking in the multiple millions of dollars). They might have some capital gains offsets if they are lucky.
These posible savious may consider it will be putting in extra dollars as good money after bad.....but I don't think they will in the full analysis. Obviously SLR thinks Phillips River has excellent possibilities particularly if they can pick up a 10 plus year project for less than $20 an oz for gold and gold equivalents (including silver and base metal credits). Even some less credentialed deposits are going for $40 an oz.
Not long to wait now as expecting the notice of meeting very soon.
Cheers
PRH Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held