Ann: SLR non binding indicative conditional proposal for Leonora, page-19

As I understand it the no shop no talk no due diligence provisions cannot override a board's duty to shareholders. The SBM board have found a way to characterise the offer as less than 10% better, which maybe their advisers say is small enough to cover them. Now they have spelled out their reasoning all Silver Lake has to do is up the offer and SBM will have to engage is my guess. I am not saying Silver Lake will do that, but for GMD a successful Silver Lake bid would be a third strike: DCN takeover failed to deliver ownership, Hoover House collapsed in no time flat, now Gwalia takeover looking at least more uncertain... hmmm.