As I predicted a while ago - these were tyre-kicking time-wasters who haven't been paying attention to the price of gold. Seems like they were told to poop or get off the pot and didn't want to do either. Possibly some "soft issues" for management as well as no clean exit plan for them and for taxation implications also stopped the deal, as well as boredom and lack of progress.
Ann: Shareholder Update - Non-binding Offer from Trans Metal Fund, page-8
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