Ann: Patronus Extends Matsa Takeover Bid, page-11

I think the stakes PTN has are:

Emmerson Resources 7.73% (Tennant Ck) (not with Delphi)
Matsa Resources 19.57% (Laverton and Thailand) with Delphi
GeoPacific 61.83% (Papua New Guinea) with Delphi
Aurumin 6.81% (Sandstone) not with Delphi
Alto 18.41% with Delphi becomes around 5% of Brightstar after scheme of arrangment. Brightstar Laverton/Menzies/Sandstone

The thing I have in mind is how Kin (PTN) took a stake in DCN which stalled GMD's takeover until they came back with a really good deal for Kin. Very well played Kin I thought.

GeoPacific Kin/Delphi have control but the others it looks like they are working towards a large enough stake so that any merger or acquisitions will have to come through them and will have to be attractive, given PTN is not distressed. 10% is a blocking stake but in reality probably less than that would block any takeover but not a scheme of arrangement.

Looking at how gold price is going, and expecting producers to be cashed up and looking for ounces in the coming year or two, not a terrible idea to get enough of an interest in ounces in the ground and future prospects to be a key player in future M&A.

Are there any other juniors around with the cash to be able to take such positions? I don't think so. There is potential for PTN to have quite disproportionate leverage in leonora/laverton and Sandstone/Murchison future consolidation.

Conclusion? Far from a terrible plan. M&A activity could get quite heated over the next little while i imagine.