GoldduckI think CTO wanted to diversify away from being just a...

Goldduck

I think CTO wanted to diversify away from being just a single gold play for some time.

In fact CTO was interested in taking over GML for quite a while - this isn't a new development, just the right time.
Being a stakeholder CTO has probably been following this company closely and must like its unrealised potential.

I think CTO will be looking for GML to do its own capital raisings - so it shouldn't be a drain on CTO, just a new separate opportunity.

In fact here's a 2001 announcement -

CHARTERS TOWERS GOLD MINES LIMITED 2001-12-14 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
Directors of Charters Towers Gold Mines Limited have resolved to
withdraw the offer to acquire all of the shares in Gateway Mining NL
due to recent changes in Gateways circumstances.

Following lodgment of the initial Bidder's Statement with the
Australian Securities and Investments Commission, but prior to the
offer being released to Gateway Mining shareholders, Gateway
announced certain exploration results to the market.

As a result of the announcement the price of Gateway Mining shares
have increased markedly and have been maintained at a level which
makes the proposed takeover offer unviable.

Charters Towers Gold Mines will be pursuing other opportunities in
the market and elsewhere as they arise.

Charters Towers Gold Mines controls and is re-developing Australia's
richest major goldfield located near Townsville in North Queensland.

M Lynch
MANAGING DIRECTOR