Judging by the GGG SP and with BS allegedly taking a stance in favour of AZX it would seem the TO is less likely to happen, well at least not with 50%. I believe GGG are looking at securing a minimum of 30% and this might still be doable if we add their existing shares, any shares held by UK investors, some AZX shareholders disgruntled at AZX BoD awarding themselves share option at below market price plus the odd ii perhaps.
If it fails miserably it wont be the end of the world. B'ling is still likely to be a world class gold mine with many millions of ounces, plus we have the Jorc due any week where we should hopefully be seeing million figures starting with a 3 or 4 :)
There will be the problem of two owners having to work together but it's business so they will have to!
One great benefit in all this, even if it fails, is that GGG's TO has resulted in kicking AZX's option greedy backsides in to action. Unless they back slide we should have 3 rigs now not 1, and they are going to spin off their other greenshoot distractions into another company.
Looks like they are going to try and raise funds somehow to pay for all this as they certainly can't cover their much talked up 194km proposed drilling program.
Temu
AZX Price at posting:
64.2¢ Sentiment: LT Buy Disclosure: Not Held
