VBS are creeping constantly, they held 90M shares on 20/6/22 and...

VBS are creeping constantly, they held 90M shares on 20/6/22 and now 190M (so acquired 100M shares in a couple years). The VBS TO offer was at 9.5c (huge premium on current price), AZI batted back and I was surprised when they inked the Appean deal a couple month later. The Appean deal being A$94M for 67%, effectively priced Gorno at A$140M (vs scoping study NPV of A$300M - good deal) - and this is pre-production, pre-DFS pricing, not bad. Since then though it seems the drilling progress and further draw down on capital from the combined AZI/Appean entity is slow and there is no commitment to when a DFS will be finalised....

Feels like a matter of time before VBS come knocking again, but they have set the bar so high with the 9.5c offer, that they are likely better placed to just creep for another couple of years then lower the final price paid (assuming they are okay with the 9.5c offer price)