St Barbara - maybe not interested in buying Peel, page-44

Hey there FDS,

Yeah i concluded some time ago by SBM's reluctance to participate in any further capital raising's that Peel was no longer of much interest to them. Larger miners often make strategic investments in a basket full of juniors hoping that one of them may bear fruit. Its a pretty low risk strategy for them. Let someone else do the hard yards of exploring. If they find something worthwhile move in & take control.

I am surprised that SBM are still on the register. Their holding of 41.5M Peel shares is worth $10.59M. So not chump change even by SBM's standards. SBM's mindset may be to just sit & see what happens.

To liquidate that holding they only have a few options. Selling down on market would decimate the price. So unless they are approached by someone looking to build a stake OR there is a takeover offer then they are probably stuck here for the foreseeable future.