This is a complete joke. Genesis have nothing, no gold reserve at this time. St Barbara have to do all the heavy lifting and yet all the onus is on St Barbara.
St Barbara suspended the development of the Zoroastrian mine and diverted their resources to develop Ulyssis (owned by Genesis) What kind of idiot management does that before a merger is completed. Let Genesis develop their own assets with their own money and process it in their own plant and see how that goes for them.
Why is St Barbara buying Genesis at all? If Genesis is so keen on the St Barbara assets, they should be buying St Barbara. In my opinion this whole deal stinks. There is something definitely not right here.
At AUD $3,006 gold price St Barbara should can this deal and go it alone. The board would have to go and with new competent management they would have no problem raising funds which could be paid down very quickly.
If St Barbara merged with Red 5 they would be going gang busters now instead of being caught up with a group that has nothing, but wants everything for nothing.
SBM Price at posting:
64.5¢ Sentiment: Hold Disclosure: Held
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