Ann: Widgie Nickel Quarterly Activities Report & Appendix 5B, page-30

One thing I notice about every takeover offer is the endless whingeing and moaning by the shareholders of whichever company is being taken over, about how they’ve received a cheapskate offer and there’s no way they’ll be accepting it. And almost always the offer is at a very substantial premium to the SP. If you look at MCR today, the SP is up 41%. That’s how far away ‘the market’ was in its valuation compared to what another company thinks that company ‘is worth’.

If it was WIN that was being taken over - and we could be next, who knows - the likely response would be along the lines of “oooeeerrrr….they are only offering a measly $1.20 a share, but look at everything we’ve got, the Nickel, the Lithium, the prime tenements, Armstrong set to be in production soon….I’m not settling for anything under $2.50 a share.” Frankly, it would be a bit of a cheeky attitude when the SP has recently been sub 30 cents.

If we are worth a lot more than the current SP, then there is something faulty with the way the market functions to calculate ‘what a company is worth’. Because we would seem to be vastly undervalued at present yet you would think that ‘the market’ only has itself to blame in terms of not spotting an opportunity.

Who are the real cheapskates? The company making the offer? Or the punters who won’t pony up and put the SP in the same ball-park as the true worth of the company?