Ann: Change in substantial holding, page-11

I think raising the offer to 0.035 or thereabouts, to recognise the increase in value of gold equity in the past quarter, would make it more palatable for shareholders to swallow.

It's strange to see a board of directors to accept the first offer available. Usually a board would refuse one or two times to make the acquiring party to at least raise the offer nominally. Any acquirer knows to lowball it and I think PYBAR did too - 0.029 is a number starting with a "2" they can move to a "3" handle by a nominal offer price increase. IMO they were expecting directors to at least negotiate a bit to 0.031 or 0.032.

But no, the directors just took it.

These directors are bad negotiators.