Ann: RXL: Youanmi Near-Mine Prospects Delivers High-Grades, page-15

I sometimes have to remind myself why I bought Venus.
Right now the regional exploration program funded by Hawkes Point is doing first pass AC drilling in the highly prospective ground between the Penny Project (RMS) and the Youanmi mine.
They are looking for another Penny (Penny 3).
Market valuation of a Penny is around $300m so Venus shareholders get 50% ie $150m.
The other reason I bought Venus was because of a likely TO of Rox but I'm having second thoughts about that.
Quite likely Venus would sell its stake rather than be taken over. Who would want the other projects anyway?
If that happened Matty would get the cash.
Matty would give himself a pay rise and a new Ferrari company car but what benefit would we get?
Venus could use the money to TO a small but profitable company and that would lift the SP
Venus could pay us a one off dividend from the sale.
But that is up to Matty and he has no history of caring about share holders.
The ASX has rules around companies selling major assets that involve share holder approval but they are routinely ignored.