Ann: DYL: Deep Yellow Proposal To Acquire Vimy Resources Rejected, page-58

DYL was an early front runner but if you look at % SP returns over the past six months it is nowhere near the front. Accurate valuations are pretty hard to come by when the sector is being driven by a looming structural undersupply, strong fund flow into SPUT/ETF’s and a potential skyrocketing commodity price.

VML is in a good place for a bidding war for sure, but the team is probably aware of their shortcomings when it comes to resource realisation - hence the strategic review.