Hi John,
I stumbled into this thread after seeing that Challenger was being sold to WPG. I follow WPG a bit in the background as management has form developing iron ore deposits in South Australia and selling them for $300M to OneSteel (Arrium) at the top of the iron ore market in 2011. The chairman of WPG is well regarded from what I have heard and they are a little bit more than the average spec stock. In 2014 WPG acquired some pretty marginal gold resources nearby to Challenger. Basically the chairman is making a one way bet that gold will go to A$2000.
MEU is a stock I've seen mentioned on these boards a few times as a day trader's delight but somewhat lacking credibility.
So it is quite possible that KCN considered the offer by MEU to not hold the same weight as WPG's and there may be undisclosed issues such as ability to finance it.
Just my interpretation of the situation.
Ann: Open Offer to Kingsgate for Challenger Mine, page-8
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Mkt cap ! $425.2M | |||
| Open | High | Low | Value | Volume |
| $1.63 | $1.68 | $1.62 | $858.1K | 520.8K |
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| Price($) | Vol. | No. |
|---|---|---|
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