this is not what the resolutions were for (i.e. booting all WC8 out of management) . read the announcement people on the AGM prior to today . you will see it was for the granting of shares and options to the directors.
Clearly MIN are thinking down the road they cant get the asset unless they put in a TO bid (since they cant buy on market anymore to take them over 20%)
the more shares in the hands of management and the existing top 20 who are management friendly the harder it is for MIN to take a controlling interest. This is clearly evident by the FOR votes outnumbering MIN against by 2:1.
all strategic by MIN but it wont matter because as time goes by the deposit is clearly showing signs of being a AZS size deposit with the added bonus of a mining lease putting it 2-3 years ahead of AZS in development (i.e. TO premium you need to add to that) with AZS mrkt cap the market is clearly able to work out the value and hence still more upside to be seen in WC8.
I was at the AGM today, the room was full house (around 40-50 people). Everyone happy with the way things are shaping up and i talked to a few top 20 holders who are all holding for much higher gains.
dont forget track record of recent Takeover offers are priced at around 50% premium.
Drilling isnt slowing down , in fact apart from the XMAS break the crews onsite are drilling through the summer....
WC8 Price at posting:
91.5¢ Sentiment: Buy Disclosure: Held
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