If St. Barbara want to deal with the small shareholders they can buy at 16c on the market. If they want a say in the direction of the company they can put a board member up for election ... my guess is after recent events they wouldn't succeed in getting a director appointed. My guess is also that even if the large shareholders hadn't dismissed the possible deal ... all the actual obligation was on Kin, St Barbara committed to nothing ... none of the directors would have agreed, much less all of them. Nor should they have agreed to such a poor deal.
As for dilution. Kin is an exploration company, which means it has to spend money exploring. Those who own the company either keep putting in for more shares or accept dilution. That is just the nature of mineral exploration. It is not government bonds.
There is not the tiniest bit of evidence directors are doing anything other than their jobs, which is to direct an exploration company. Stopping exploration, to avoid dilution, while St Barbara decided whether or not to proceed with an offer would have been utterly wrong in my opinion.
KIN Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
