those who do not accept the offer, say i, page-79

hi ozewolf2009,

If you dont sell and the T/O is successful, your SBL shares will convert to LionGold's shares making you a LionGold shareholder with SBL potentially being de-listed from the ASX (this is assuming that Lion successfully takeover all of SBL's shares and not just a minimum of 20-30% in which if this happens, then there is a possiblity SBL would still be listed on the ASX and you will still have your SBL shares with Lion running the show)