I think there are too many parties with significant holdings for...

I think there are too many parties with significant holdings for a takeover to occur at this stage. Andrew Tsang, the other directors, Jupiter Mines, Lion Asiapac, HSBC Hong Kong each hold a 10% stake or more leaving around 27% for individual shareholders.

I may be wrong, but i think they are doing a placement to raise the necessary funds to go straight into a pre-feasibility study on the Mt Forrest project. It is probably better to release both announcements together rather than go straight into another trading halt. There is also the scoping study due out.