Ann: Ramelius announces improved best and final offer for EXU, page-22

I am certain RMS will be able to make money off Tampia.

I think you missed my point. The transaction is not the problem. It is their handling of the transaction is the problem. Their M&A sucks big time. JL has definitely been better at this, and if this deal acquire JL to replace RMS' M&A department, it will probably be worthwhile. If you were holding RMS instead of EXU over this period, you will understand. They are stingy with their own shareholders, but generous with others. Regardless of how the BoD proclaim they are frustrated with the share price, they haven't done anything to improve it. At least JL is massively invested with EXU so he has vested interest in improving the share price.

Also, if you were expecting dividend, this dividend policy is the only thing the shareholders managed to extract from management after a long period of frustration. Basically a promise based on a moving target. Yeah, 5 years reserves = 1moz @ 200koz/y. If I read the announcement correctly though, Tampia resources will be estimated lower under RMS' model, so there is no guarantee the dividend will start rolling after this transaction. They will probably give out a dividend soon, but only due to how badly they botched this deal. Sigh.