I understand my view on this matter is definitely not one that others may like, at this stage for me (not all) it matters little if I get my original investment in this company or nothing returned.
I’d suggest to attempt to determine fair value for a Gold Mine asset would not simply be a calculation of what gold is in the ground but also consideration for the billions invested in infrastructure and exploration there is a premium to be drawn here which seems only to be going to the suitor, I’d rather be given answers as to why this has happened (it can’t simply be cashflow as we are being told, someone has dropped the ball, come on people I know what you’re thinking, benefit of the doubt and all, surely it wasn’t intentionally) than to fire sale the asset away.
With answers may come the need for accountability from the decision makers, large shareholders, the ASX or whoever is suggesting revised offers are not Price Sensitive, ASIC, the suitors and their links to one another and the SBM board if something is untoward at any stage and would suggest protracted legal actions are an option so be it, to the bystander out there it’s hard not to agree that frankly something seems odd with this entire episode, it seems from limited information SLR are trying to bring the actions of GMD and the board into the light, which can only be a good thing and may serve to bring logic to this oddly illogical situation of putting on a sale with only one buyer invited. It seems to become eerily odder by the minute when we start to ask questions.
DYOR Good luck to all Long Term Holders.
SBM Price at posting:
60.5¢ Sentiment: Hold Disclosure: Held
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