AISC, page-6

If Polymetal or any other producer was to undertake a T/O, it will not be on the successful execution of stage 1. It will be done whilst stage 1 production ramps up and before the company demonstrates a consistent change in production. An acquirer will want to be purchasing the shares on market whilst it is very cheap to build the 20% stake in the company. Alternatively a producer knows a price and will just come out of left wing with an offer without purchasing any shares prior.

My thoughts are if no T/O occurs in the early days of stage 1 then it will never happen as stage 2 will lead to a far better valuation for current instos to support the company to go at it alone.

Stage 2 for me is just an exercise to demonstrate the scale and upside for any acquirer.