Ann: Gold Road Makes Recommended Takeover for DGO Gold, page-8

While I get it that this offer is a decent premium to recent price .......the individual parts (Listed Investments) are worth approx what is being offerred (by my above calcs approx $3.48). The value of DEG only is approx $3.19 per DGO share. This not only means the DGO greenfields are thrown in for nil, it really means GOR get DEG shares at nil premium to market .......you can bet if they were to announce a T/O offer for DEG they would need to offer a premium of more than 20% above market..........on DGO share that would equate to $3.83 (for DEG alone)! I am not sure why the DGO board is supporting this.....GLTA.....except maybe to flush out a better offer?