My previous post, see above, was taken from Appendix A. Particular attention should be paid to "St Barbara Competing Transaction" (a) directly or indirectly acquiring control or merging with St Barbara.
We know now that SLR have been trying to engage with SBM for 12 months. It is reasonable to assume this was on a merger basis as a fire sale of the Leonora assets has only come into play in the last few weeks.
SBM share price has been smashed which was needed to allow a startup like Genesis to get into the game and SBM has been very poorly managed.
However the gold is still there. Millions of ounces and these sort of opportunities just don't come along every day.
I would argue that this may be a once in a lifetime opportunity for SLR to make a quantum leap into that next level.
A straight merger with St Barbara at this level is still a massive bargain. A merger would put SLR into the box seat for further consolidation of the Leonora area and would be great for both SLR and SBM shareholders. It doesn't always have to be the dirty game that Genesis plays.
SBM Price at posting:
65.0¢ Sentiment: Hold Disclosure: Held
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