I don't speak lawyer so interpreting the option agreement is a...

I don't speak lawyer so interpreting the option agreement is a bit challenging. But my understanding and referring to @2ic 's good post on this back in March.

https://hotcopper.com.au/threads/ann-becoming-a-substantial-holder.5285398/#post-43510273

- If someone other than Nordgold makes a takeover offer and that offer becomes unconditional (and Nordgold withdraw), then Goldfields can activate the option and sell the shares to the other bidder.

- If Nordgold is the highest bidder then Goldfields can activate the offer and receive the difference between the final price and 46 cents form Nordgold.

Either way Goldfields will get their money. I struggle to believe the scenario where Goldfields have left $60M on the table because of a less than watertight agreement.