Ann: Supplementary Bidder's Statement, page-17

To give a bit more clarity to my last post:

QGold cannot take above 20% of CWX without declaring a full take over. An on-market take over would be the simplest and most cost effective way to do it, especially if the intention is only to take up shares currently held by jaded investors.

To me this seems more like a quasi t/o than the real deal. Usually directors of a company being targetted by a hostile predator come out swinging to protect their own skins, if not that of shareholders. It's been strangely quiet here.

This is just my opinion and I may be wrong.