takeover by blackthorn on the cards

i rang BT today after market closed and asked him about current price action. he was dismayed of course. I made the comment that Blackthorn would be better off making a total takeover bid for cci and he agreed that this was a big possibility with the sp so low. Why would Blackthorn give CCI 8.7 million cash and 30-35% of Blackthorn issued capital when they could probably get all of the chrome project for the $21million they are proposing to pay for it. If they offered CCI holders 1cent per share they would get the company for $9.5 million and then pay off the $8 million dollar debt owed on the project. That would cost Blackthorn $17.5 million and they would own 100% of the Chrome project. You can bet the Blackthorn boys are thinking this also and BT better do something quick before the project is snatched away for a song. I do hold and think the sp is way oversold based on such excellent results coming from drilling. BT did say that he will be making every effort to speed up the drill results being released as he knows that the company could get bought out very quickly as these prices and he thinks fair value based on Blackthorn offer is between 1.5 and 2. He didnt discount rivals also making a bid for the chrome project

kactii