This "deal" went from a merger to buy out of St Barbara's Leonora assets.
Now we know that Silver Lake had been trying to engage with the St Barbara board for 12 months. However the St Barbara board have been only willing to deal with Genesis which cannot be in the best interest of shareholders. Is this a definition of corruption? I have also been told of other proposals taken the St Barbara board that were not given due consideration.
I know all the arguments about "possible" breach of banking covenants but with gold at A$3000/oz, surely with a CEO that was actually working on mining efficiently and reducing costs, SBM could trade out of this situation.
IMO a merger based on valuation of assets between St Barbara, Silver Lake and Red 5 would make more sense in a consolidation of the Leonora region.
SBM Price at posting:
67.0¢ Sentiment: Hold Disclosure: Held
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