This is a VERY good point and something that had escaped me....

This is a VERY good point and something that had escaped me. While a take-out may occur, absorption won't, so we won't be stuck with with 'dogs' diluting the value of CTO ...

7. Takeover-proof. The Lynch family holds about 15%, and by my count there is about another 25% of the shares that just will not get sold into a takeover bid. So a bidder might gain control of the company, but could never get the 90% of shares required to join it to the rest of their operations. So the bidder would be forced to always run CTO as a separate company, and our shares would always be in Charters Towers deposit, not diluted over whatever mangy deposits the bidder had around the world. Like Normandy-Mt Leyshon -- Normandy could not take over Mt Leyshon completely, because 30% of the company refused to sell.