those who do not accept the offer, say i, page-90

Guess it depends if you like giving gifts to others (ie lion shareholders)..

Why I like playing goldies is they are fairly straight forward to value cf other resource stocks...

You have an EV/oz for typical producers in West Africa at $170 upwards...SBL valued currently at just over $30 per oz...

They have gone to the effort of all the games (e.g. Infiniti placement, directors stacking and constant dumping of shares at 1.3 cents just prior to the announcement to make takeover offer look as attractive as possible).

Hence, from Lionsgold perspective first aim is to get as many cheap SBL shares at about 1/6th of the value it would pay for comparative peer stocks ($170/$30)

Whether they get to gain majority control is not really a concern (hence no minimum acceptance condition) as they get stock for 1/6th of its true value based on peer comparisons..

Lionsgold are obviously no fools...but are hoping to make fools of SBL shareholders hence the provision that SBL's directors will attempt to convince major SBL shareholders to part with their shares based on the supposed merits of lionsgolds bid..