Here is the thing. If they have a BFS, adjusted for current...

Here is the thing. If they have a BFS, adjusted for current gold price that suggests an EV of 50c per share, then it is encombent on the Directors to either denounce their own BFS (Adjusted for current gold price) or achieve the independent market valuation in the offer. It is their fiduciary duty to do so.

As I mentioned previously, NST would be keen to pay only the calculated EV. As the market price converges on the EV they would have been out of pocket the premium for control if they wait and it continues to melt up.

On the mechanism. The only reason to do it with script is if you don't have the money (they do) or they think their stock is overvalued (it probably is).

Given EARs poor disclosure record, I expect them to be silent for longer than you think.