Hi allIMO DRDGold's proposed Offer has been so badly handled, it...

Hi all

IMO DRDGold's proposed Offer has been so badly handled, it is a big joke !

This 2nd CU should have been released same time with the 1st CU to alleviate any doubts/queries - MLI's Board of Directors have had almost 6 days to work on the proposed offer and yet the 1st CU was poorly (or deliberately ?) worded in a vague manner - causing certain nervous/unhappy shareholders to sell out at low prices. IMO ASX should have queried the company when the 1st CU was released as it was so obvious (is an incomplete report) which might caused an unfair trading positions.

With regards to the 2nd CU, it is amazing how MLI's Board of Directors now playing a very negative tune:

1. South African's mining authorities' intention to impose on Cash Deposit for land rehabilitation as opposed to Insurance Bond (IMO it is highly unlikely it will be imposed as many mines will be closed down and they can't afford it under this FGC) - so, why MLI's Directors highlighting this fear factor now ?) I am sure this issue is not a new one that just came up. If so, why was this issue not brought out in the open earlier on, instead of misleading shareholders that upon financials settlement of the 1st deal with DRDGold, everything was fine and MLI's remaining projects would be well funded by the net cash on hand - Why ?

2. Cash on hand is now only $7.3m - where are the rest of the monies (an obvious issue requiring further explanation but yet none given) - Why ?

MLI's directors should have rejected this unattractive offer ie. purchase of assets by share swap offer - upfront when they first received it as they knew it was an opportunistic offer (originally meant to be a cash offer)
- so, why they have not done this ?

Looks like MLI will be in an "erratic trading mode" for the next few weeks as things unfold - IMO - DYOR

AoA