I haven't been critical of management until now, but...

I haven't been critical of management until now, but recommending this offer at 3.3c was pretty pathetic. I don't think enough effort was made to highlight the relatively low valuation per resource ounce and per reserve ounce.

As it stands, I don't think Ibaera have managed to pick up many shares at all since the initial flurry when the offer was first announced. They still haven't lodged an updated substantial shareholder notice (which I understand they must do if their holding increases by 1%) since the last one on 7 October when they had 22.6%. Although I didn't see the open yesterday, the last time I looked they were outbid to the tune of circa 10m shares, so they may only have picked up a few million. This morning looks similar.

Having picked up the low hanging fruit cheaply, I'm not overly surprised that they said they will not raise the offer price again. Having secured the directors recommendation at 3.3c, it makes sense that they stop now and propose a scheme of arrangement at a higher price later, locking in the price for whatever they pick up now. Having agreed to 3.3c now, the directors can hardly reject a scheme of arrangement at a higher price a bit later and the compulsory acquisition threshold will be reduced to 75%.

So I think this is only step 1 in Ibaera's game and more will be put on the table later. If gold has resumed its uptrend by then, hopefully it will be a lot more.

Having said they won't raise the offer price, I do hope someone else steps up with a higher offer. Anyone who wants to buy the entire project would benefit from buying as many cheap AZM shares in advance as they can. Maybe that's what they are already doing.