The takeover bid as it stands is completely pointless.QGL can...

The takeover bid as it stands is completely pointless.
QGL can never reach 50.1% without extending the offer to LMLND
When you consider that Lincoln Minerals have also created another 800M Shares to get back onto the ASX,
if they did extend the offer to LMLND they are essentially offering more than double the 40:1 offer to take over the company.

At 40:1 with LML trading at 2.0c and QGL trading at 54c
This is an implied offer of 1.35c

QGL may have a plan, but they are also going to need cash to do it.
At the current cash burn rate they will need to raise funds in the near future, which will create dilution and hold back the share price.

The takeover offer as it stands is a complete joke.
Mainly because 60% of the issued shares are excluded from the offer.

If QGL are serious they need to amend the offer to both LML and LMLND

At the current share prices they would need to offer around 75:1 for there to be any chance of success.

This would represent a four fold increase in the cost of the offer to QGL shareholders.

QGL needs to get real, or taking over LML is just a distraction that QGL management could do without.