Ann: Intention to Make Takeover Bid, page-47

He needs 124m shares to reach the 90% compulsory acquisition threshold. Are some of the top 20 going to just rollover and accept this offer?

My opinion is he isn't even wanting full control of CWX. More likely just wanting to lift his ownership above the 20% level, which can only be done through small 6 monthly increments, or make a t/o bid.

The offer is open until April 22nd but can be closed off earlier or extented at the bidder's discretion. Maybe he is happy with 30-40% at a price only just above the initial ipo price of a few years ago and a seat at the table.

The question is, will the other larger holders be happy to part with their shares after holding this long or, now consider that the shares are at worst valued at the 21c bidder's price?
If they aren't prepared to walk away then a full t/o has no chance of succeeding, though I'm not sure that is the ultimate aim here.

Plenty of possibilities for sp growth here, as evidenced by the previous run up to 50c on good gold hits. Since then the manganese jv with BCA has been signed and 140 out of 168 drill hole samples are soon to be announced, followed by an updated MRE at Flanagan's Bore deposit.

BCA is earning 75% of the manganese jv by spending $4m. This 25% free carried asset alone lifts the sp above current levels imo. The recent low sp was manipulated down during a period of low news.

Drilling is currently underway at the Tropicana project and other activities are planned on 100% owned and j/v projects, so a more consistent news flow should be happening this year. With borders now open the Jamieson project can be accessed also.

The sp should increase in line with results so selling now seems premature, especially with $5.8m in the kitty.

Just my opinion