Ann: $49.3 Million Placement Agreement, page-79

The Chinese shareholders can hold down the price of the shares indefinitely and then make a lowball bid and essentially buy a company which is potentially worth 2 to $3 for let's say $.65.

I don't know whether there will be extra inducement made to management to ensure the success of the bid per Gwahir's post.

Strictly the BOD are trustees (what the Americans called fiduciaries) – trustees of the company for shareholders – if shareholders felt that there was a breach of trust that would have to be addressed by litigation or report to the regulators, in this case the ASX.

I repeat what I said in earlier posts that what is needed is a powerful buyer to come in and get the stock moving – someone like T Rowe Price or another gold company or a hedge fund – a spoiler in effect.

The BOD claims that they can resist a hostile takeover because they speak for 40% of the shares and they would expect that another 11% at least would support them.

My experience of bids is that it's every man for himself and you can never tell what shareholders will actually do and the 40% may be fanciful.

It all comes down to the same thing – get the frickin’ stock moving - admittedly hard when 10% or whatever of the share capital can be deployed to keep a lid on the share price!