@perdant. Good thoughts.Re GS - my first thought was they were...

@perdant. Good thoughts.

Re GS - my first thought was they were buying to extract a higher price - if so, that door is now firmly shut.

But the other possibility is they are paying the arbitrage game. BRB has consistently been trading a couple cents below the imputed price being the RMS price divided by 2.82. So conceivably, they are buying BRB and consecutively selling an equivalent number of RMS:

Buy 2,820,000 BRB (equiv to 1,000,000 RMS on conversion) at, say, $0.465 (closing price 24/4) = $1,311,300 cost
Sell 1,000,000 RMS at $1.33 = $1,330,000 = notional profit of $18,700 (not necessarily on market - could be using a synthetic instrument to achieve this same outcome)

I think GS has about 21.5m shares now in BRB - so on this example, their profits (if playing this game) would be around $200k.

Regards your other thought about being forced into a corner. I agree that it feels like that for all shareholders - our Board has well and truly sold us out (they have not fought one iota for a reasonable deal) and we are very much left to swing on this one. They have hidden behind the "basics" required and not even entertained an independent review of the offer price.

The really hard part - if you accept their offer but they do not get to 80% and hence CGT relief, then you are likely forced to sell some of your RMS shares in the next few months to pay your CGT bill. The CGT event occurs in this financial year and so you will need to pay it in October / November should you have no CGT rollover relief. A double ouch if you are a long term investor in BRB / gold.