Ann: Target's Statement, page-4

This Target Statement is an absolute joke: the company's directors should be tossed out as fast and far as possible:

• independent NED making no recommendation.  They are supposed to represent the shareholders.  So much for "professional" directors!
• the Chairman sitting on the fence: sell if you want to, don't if you don't want to.  WE pay good money for these jokers and they can't even make a recommendation to save themselves: no wonder the company is going down the gurgler
• One "Alternate Director" has a substantial holding in Bentley.  This is a bloke who was an Exec Dir previously and no doubt still has a substantive say in how SRK is run
• The so-called Independent Technical Evaluation is done by none other than Shankar Madan, the erstwhile MD of the company when the Peru projects were acquired and explored.  About as independent as my left foot!
• Bentley will only proceed if SKR maintain $8M in the bank with less than $0.8M in liabilities.  EIGHT MILLION DOLLARS!  I know of at least 3 operating mines (gold, tin, gold-copper) that I can buy NOW if I had circa $2.5M.  Now.  Not after exploration or development.  All three have good, positive NPVs with all permits in place.  No doubt there are many, many other opportunities out there: you'd think one could be found that would actually provide cash flow to the company while it mothballs the Peru iron project.
• And finally: value.  148.4M shares issued.  That's $0.54/share SRK have in cash.  Zero value for SRK's projects.  Zero value for the shell company.  Zero control premium.  No wonder even Madan had to conclude the offer is neither fair nor reasonable.  But hey, sell if you "want".

While ASIC fiddles around lesser governance issues and stuffs JORC issues down the throats of well-meaning explorers, they allow crap like this to happen.  Hang your heads in shame - ASIC, ASX, and most of all our Directors.