As you can see from both these Press Releases, Visby has been screaming at the top of its lungs to make these Binding Offers public because management wont do it! If notice, all Visby's offers are far superior. Their offer was still Binding and valid post the last Shareholder vote, yet management still would not engage ... what did they do?! They huddled up with Tiger for 2 months, while telling Visby they were still under exclusivity and then reverted with a Headline number that could optically compete with Visby's from February (but with payment on gold pour versus Visby who has the money) at AUD $10m. Then, Visby immediately countered with payments upfront and a $12m cash consideration + 1% NSR. Then Tiger/LCL Management huddled up again and came back at $14m Headline number (yet with the same $1m upfront and payments 8 months after - as THEY DO NOT HAVE THE MONEY) ... THEN Visby in the same day upped it to $15m headline number but still paying upfront $7.5m - its guaranteed and not an Option - unlike Tiger ....
What else does Visby need to do to get everyone's attention that their offer is Superior!!? Their team has also built over 10 mines in country and received the first open pit mining license ever in Colombia for a gold mine. Tiger likely has never/rarely has set foot in country ... The choice is obvious.
LCL Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held
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