Why against CYL takeover : SGI Q2 rev A$12.7 million higher, page-16

What goes through your mind, when you see a struggling business like CYL's share float go exponential?

2/2011 35 million sh “Goal is to generate cashflow from operation within 2 years”
2/2012 41 million sh “Early cash flow is the priority”
11/2013 47 million sh “Become a cash producing, dividend paying gold producer in 2-3 years”
11/2015 53 million sh “Early cash flow is the priority”
11/2017: 61 million sh “Dominate the region”
11/2019: 79 million sh
11/2021 98 million sh

11/2022: 98.5m "Give up 44% of equity in Whitelaw, for 60% of Marymia"??
3/2023: 175m sh

IMO what's going to happen within 18 months, is that Hancock is going to own Whitelaw.