Given the EKJV purchase from NST by EVN, the incentive for EVN to make a bid for TBR/RND has increased. Why has EVN maintained its 19+% holding for the past few years if not to play a long game? With TBR/RND, they receive a nice dividend and share ownership of a decent amount of bullion, even if they cannot realise it. To be honest, that is not much different from myself and I suspect plenty of other retail holders too.
I have not bought TBR & RND as takeover plays but rather as value plays whose intrinsic value will hopefully be realised one day, while in the meantime I appreciate the dividend. The difference between EVN and myself is that they have potential to change matters whereas I do not.
If corporate action eventuates then it will be interesting to see how two skilled operators with quite different modus operandi conduct matters.
As for EVN, I have held in the past but I consider it over-valued in comparison to other producers, even at current SP, and so no longer hold, and even though their dividend yield is looking better.
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