Ann: Trading Halt , page-47

Adrian

The share activity today was most comforting, and indeed encouraging. The very solid buying side outweighed the selling side all day, and by a big margin too.
The SP was up from the start and the turnover was above normal as well. These are objective signs of a healthy situation.

I think that we were all expecting a blood bath today, but that did not eventuate. Yippee! Instead, tthere appears to be underlying strength and which we hope will be confirmed over the next few days.

I have the idea that all of this has been done very quickly. I still have no knowledge about the tender process and its timetable. However I have been told that BC has had much trouble sorting out its Dool tenements (in that others have made claims in respect thereof) and only tidied those things up at the end of last year.On that last point, I refer you to the Alchemy website. There it states that the contract to settle its claims and have the disputed tenements transferred from GG to it was only settled late last year - in fact between Christmas and NY.

It could be concluded therefore that BC couldn't deal with its other tenements until that problem had been put to bed. BC wanted out. It had had enough of being owed money. Once ALY was out of the way then it could deal with the favoured bidder (and which turned out to be RNI) and time was of the essence no doubt.

Another (perhaps) reassuring thing is that BC will now be a substantial investor in RNI. I would hope that the explanatory memorandum will say the BC is treating this as a long-term investment. It will of course have $20M in cash to salve its sore wallet, so it should feel pretty satisfied all up, with money in the bank and an investment in a company holding much hot property (and a gold mine) - and with a long future in fact.

In the hasty circumstances we therefore might have to be forgiving of management ATM. Indeed it may well eventuate that we will praise it for being so clever and efficient. We may also end up heaping much thanks on Argonaut for organising such large sums on such short notice (as it would appear) and at holiday time.

Time will tell!