Ann: Diggers and Dealers - Corporate Presentation, page-39

One challenge SL has now is that SPR shareholders have grown accustomed to regular news flow, much of it spectacular.

But it looks like we are going into a quieter period for the next month or two, unless they can get drill results back quickly from the lab.

Maybe that gives RMS a chance to put together a lower takeover offer, especially if the macro news drags down the share markets in general. RMS's broker could also be selling down some of its position as well (I've noticed in the closing auction that it is now commonplace to see blocks of shares being sold well below the last traded price, perhaps to keep a lid on any momentum).

The question is how low RMS would need to get the VWAP to make a takeover work financially. And then whether SPR shareholders would bite at a bid (say, below 1.30). I wouldn't accept that currently because of the potential to build a bigger MRE over the next six months. But if we had a dramatic retreat in the market, as per the first few days of this week, and the SPR price was pushed down further by RMS selling shares, I could see people taking a bid that gets them back close to the all-time high.

Anyway, all speculation. Probably best to turn off the laptop and look at the price again in mid October....