Thanks for the calulations, pe2023. I see the offer's end result slightly differently: rather, as much a cheap purchase of the WA tenements as for future control of AYC.
Sure AYC will have a new major shareholder in Gandel Metals, and maybe it will come good before another deal is done. Some even think that AYC will form a JV with AGS (as AGS has some $20+m remaining of shareholders "sales proceeds" money in the bank). And there'll be more CRs and consolidation down the track, of course
Abbottsleigh holdings (related to GM) are already in AYC's top 20, with ORS's MD also ensconced on the AYC board to protect GM's interests. But it's ORS shareholders money that has been used to explore the WA tenements - and now we lose this for .0055c /share, with an upcoming "independent" expert report which will, without doubt, support this low valuation (AGS sharehloders know all about slippery, self justifying valuations ).
But ... should we be prepared to let this project go for so insultingly much less than shareholders money has so far been spent in exploring, looking for the mother lode just "30 kilometres to the east of the world class St Ives Goldfield (+13M oz Au) and Kambalda Nickel District (+1.4Mt Ni)" ?? (from website)
Yes, I know I'm "pissing in the wind" and its already seen as a fait accompli with the timeline set out in the offer. I know too that shareholders are fearful of IG's control, as well as his wrath. But he is after all the company's chairman; and the company's code of ethics (see the 2015 corporate governance statement) states clearly that directors will "not place themselves in situations which result in divided loyalties" .. and will "use the Company’s assets responsibly and in the best interests of the Company" (namely, all shareholders) .. Come on Ian give us, the hoi polloi, a fairer go, please.
ORS Price at posting:
1.7¢ Sentiment: None Disclosure: Held
