Ann: GML: CTO: Citigold Takeover Bid for Gateway , page-25

re: Ann: GML: CTO: Citigold Takeover Bid for ... I wonder what the reasoning for this takeover was. The administrative and legal costs for a takeover can be quite substantial when their current focus should be on production. I can understand diversifying the company but monies would need to be expended on exploration drilling to firm up the tenements resources. Maybe they are thinking long term regarding other potentials and will sit on these tenements until (and if) charters towers starts to make some real money and then money can be utilised for exploration drilling. I would have thought though with the supposed huge resource at charters towers they would have concentrated on it.