Ann: Change in substantial holding from GMD, page-9

I think GMD pumped their own cash into DCN (via the very cheap cap raise) because they knew that DCN already had cash which GMD will then get back via the TO... the rest of the DCN assets were priced at fire sale prices and zero value on any of the current gold resource. Based on the cash balance alone at DCN the TO offer made by GMD is very low risk for them and total no brainer.... it's just sad that 24% of DCN holders never saw that and have already given up their stake.

As previously posted, I'm not 100% against a take over from GMD...... just the current terms.... regardless of how poorly the company has performed, I think the current offer is insulting.