Hmmm, IPConcept may be bagging on removing the whole board and failing the asset sale. Anyway, RF might have already achieved his target - raising large amount of money for his disposal. Leonora deal may be just his excuse for doing this. So, it's OK for GMD to walk away if the deal failed. On the other hand, if SBM can find some decent management, this can be an excellent turn-around story. 10Moz resources and large reserves in WA is huge. It's a super leveraging play. Remeber how SBM came out from 11c in last trough? RSG provides a good current example. Eventually they got a decent MD who turned around the operation and company finance conditon. They have successfully trippled the SP from the trough in just months. Don't lose hope folks, vote against the deal and kick the board out. For those who bought at $2-3 or higher, you have lost most of the holding values anyways. You might want to consider let it play through.
SBM Price at posting:
60.5¢ Sentiment: Hold Disclosure: Held
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