Hi JR, Sorry, but I don't know about the company you have...

Hi JR, Sorry, but I don't know about the company you have referenced, and yes, I know there can be a lot of legal argy bargy around majority ownership law interpretations in ASX companies, and I am an ex-prospector, NOT A COMPANY LAWYER, so PLEASE do your own research & talk to a Company law firm if its economically viable, but here's my gut feeling for what it is worth, and I would deeply value other qualified views.....

1: In BCN present position of what appears to be good circumstances, any officially lodged TO by either an ASX listed company or private company should not be a worry to anyone, as it needs 90% shareholder approval. Share offer should determine a fair price, with present demand for junior producers if BCN was subject to To.

2: Bigger worry to me is when TO happens in depressed times ... which this is not.

3: I sense that some investor concerns over 2 directors and one investor holding around half of the shares - which then depends on which chapter of the investment book you subscribe to. Simply - Do you believe in Management having good amount of skin in the game or not? And this similarly applies to the protection or fear aspect of one major investor in any company? Simply a matter of personal choice for each investor - you have paid for the ride, do you stay or get off - or do a % adjustment either way if not confident.

4: I THINK i have read somewhere that the 20% voting rule may apply to "BLOCK" ownership in voting on these matters, but then we need some direction on the "terminology" of what constitutes a block? and does that apply to any other change of ownership instrument?

5: TIMING: In my way of thinking, I have to ask myself why would any small cap mining company in BCN present position, want to change its ownership position? Its a small company, small administration and if this consolidation goes through will hopefully remain as such (very low % admin). Again two different chapters of same investment book as in 3 above. One view might be that the Directors being large SH don't need to have a listed company anymore and some scheme of buyout might be considered...? ALTERNATIVELY with whats ahead, and Timor potential having the opportunity of being a successful entity in itself, (far more new ground in TL than WA goldfields) it would be economically more attractive & advantageous to be listed than not?

So, all in all, the reality is what each shareholder believes is their best personal option ahead. There are certainly other opportunities about in the gold sector right now for those who have their personal doubts about BCN's future. But just remember if you are thinking the future here is not for you, venting your displeasure sure isn't going to help your selling price if you want to go...

These are just my views, no recommendation either way, DYOR AND I hope other views here can result in further good & frank discussion that we all learn & benefit from. Cheers RC.