Just for the abridged record. TBR/RND don’t have to apologise...

Just for the abridged record. TBR/RND don’t have to apologise for anything. They have held these tenements for 30 years and made the Hornet and Rubicon discoveries. They got Gilt Edged into a JV to provide more grunt to understanding the geology and this was a good decision. The drilling which discovered Raleigh was made by a neighboring major and its results kept top secret while they made a takeover bid for Gilt Edged. The offer seems low now but in the absence of knowledge of the spectacular assays from Raleigh, the Gilt Edged Directors were more or less obliged to recommend acceptance. The EKJV and the WKJV were established to mine Hornet, Rubicon and Raleigh. The JVs survived changes in ownership of the 51% not held by Tribune/Rand during which time Tribune/Rand ended up with their current holding when one of the majors failed to take up an option to acquire a further 10% (thanks once again Anton). The JV worked well and lots of ounces were produced. Of course all JV partners contributed proportionally to all operating costs of the mines and to ongoing reporting and exploration costs, and still do.
When the final major put their share of the JV up for sale, NST wisely won the tender process. The JV agreements continued under existing arrangements and all seemed good. NST benefitted by blending TBR/RND ore for processing and exploration immediately around the operating mines was successful - leading to Pegasus. Any of the majors would have found this if they had stayed the distance.
NST, led by beguiling Bill Beamont got a bit greedy and decided to play dirty pool. This appears to have led in turn to the Takeovers Panel finding in which NST were the only potential beneficiaries. This was followed by their derisory so called offer (informal, otherwise it would have contravened ASX rules).
Anton Billis is nobody’s fool and did not lie down and fold. Now they are trying different tactics which may come back to bite them. TBR/RND owe NST nothing and have always met their JV obligations.