They are bags filled with shareholders money who listened to the directors recommendation to reject the CFC takeover offer because (I paraphrase from the target statement):
CFC has overstated the risks that Discovery Metals faces
The bid of $1.70 per share (Company valuation circa $800m) undervalues the Company
Management can continue to add value for shareholders
Instead we wait 8 months and then sell 60% of the company via dilution for approx $115m.
Don't believe a word of the Shareholder Summary other than the bit that says the Company's share price has fallen dramatically.
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Ann: 2013 Shareholder Review , page-11
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