imo I reckon the directors are possibly a lot smarter than they are currently given credit for. They built a TO target, small cap low profit big acreage, 'Brazilian empire' - low SP due to high risk and lacking capacity to develop. All that equals high TO risk imo. Cf develop mines to profitability steady paced expansion, no Centro, return to shareholders, higher SP. That's low TO risk imo
What do Directors often recommend in the event of a takeover offer?, page-60
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