Nothing shifty.... They owe most SH a lot with the raises we all contributed to and the reconstructions along the way mask the SP destruction that has occurred.....
ASX Policeman probably got a complaint from TGC that their deal fell over because information about another possible transaction was being floated around which LCL had nothing to do with. They had to acknowledge it and bring it to peoples attention but couldn't do anything about it as it wasn't formal or complete and plus they were bound to deal conditions with TGC.
The fact that this information was released I believe changed the course of voting held on the 17th Feb that sent a clear message that the terms offered by TGC were not acceptable which i fully agree with. Once SH voted this down a Condition precedent couldn't be met so the TGC deal had to fall away and they have to come back to the table with a better deal.
The company has 2.6Moz of gold resources and taking just 10% of that value equates to $780M worth of gold. Yes you'd need to spend this amount to get a mine and plant up and running but this is a significant amount of $s that TGC where happy to give LCL holders only $10m of implied value without any benefit for the upside where a trailing royalty is payable..... The ground LCL owns is under explored so I'm sure this number will increase.
LCL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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