When the other party (LCL) will not engage in a conversation, refuses to answer calls and emails, then how do you make "a bidding offer again".
The only real option left is a hostile takeover.
This is the exact same boat Visby has been left in and why they put out an announcements via an "online media article" so at least shareholders can see what sort up crap the board is doing to their company and assets.
The LCL directors have a fiduciary duty to extract the best value from its assets. How the hell is an OPTION over the assets better than a cash sale, or a development agreement where the LCL shareholders retain what is effectively a 50% free carried interest?
Obvioulsy Tiger is trying to do a deal on the ground next door to the 541k oz reserve in Colombia as, correct me if I'm wrong, it's on the tenement bounday. They can't develop it (i.e. mine a pit) without the ground next door. That's why they want an option, so they can go to the neighbour and say "hey we've got this half, let's do a deal on your half...back it into our IPO". If they neighbour says no, then don't exercise the option and walk away to find another project.
LCL Price at posting:
0.7¢ Sentiment: None Disclosure: Held
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