Ann: Ceasing to be a substantial holder, page-30

The real problem last time was the majority of shareholders being German weren't in for a takeover and appeared enamoured with the MD and claims he created Northstar over 6yrs.
Certainly not my recollection of the NST I bought into.
and it's creater of wealth BB.

I suspect WGX heard one shareholder wasn't happy last time and thought common sense would prevail with the others.IT DIDN'T.

A considerable value difference with a site and plant operational and six months until a tailing lift needed and stray site ore WGX could just truck and turn profitable.

VERSUS

A site on care and maintenance....no operational personnel ...$6m tailing lift needed before recommending processing.
No longterm mine life ahead.
Re commissioning costs in the millions to get site manned etc.
Your surface stocks now commited to your own mining plan.

Cents in the dollar.
In the meantime GCY directors still get their cut until they run out of cash or justify recommending operations at 2.4 million tons of feed a year.
Its cut off grade for break even before cost escalations etc was .98 historically by my calcs.

Run that over their potential resources and there just isn't enough to make it work as an independent operation.
WGX can afford to sit and wait until sentiment goes their way for a deal.

They called the GCY deal that was done a dog and so it has proven to be.

Getting those German shareholders to decide it's time to cash out is the secret.

DYOR+DYODD getting close I suspect