Ann: TGN: Watershed Acquisition Terms Agreed, page-157

Perhaps the rumours around the town were that a higher price was in the works and people are dumping willing to lose 10- 15% upside here in order to play elsewhere.

I love a cashed up speccy where the managements malfeasance, seeming or real, is totally factored into the price. NLI is another I am involved in, basically the mkt has written the management of these two off perhaps.

The truth is actually that most directors take less risk than they should for the success or failure of a company. Look at it this way, VML management had the smarts to drill Bella Tondi, and what they have are some of the highest grade hits I have ever seen.

You lot think the mkt is giving management any credit for that with a ev cap of -1mill?

Do you think the mkt is factoring a takeover premium?