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28.5¢ dacian gold limited

While I don't think JC himself could have turned around DCN (the...

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Davisite

18,880 Posts.

5552

05/07/22

13:47

Post #: 62378932
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Originally posted by timbin4 ↑

If the Mt Morgans plant was worth ~$175m 2 weeks ago (as per this DCN presentation) and we have $18mil in cash (with only $2mil in debt) that gives DCN a tangible asset valuation of ~$191m.... please note this also gives our gold resource and reserves 'zero' value.

So what has changed in the last 2 weeks for our DCN directors to think that TO offer from GMD valuing the company at $111m is a 'reasonable' deal?

The GMD offer is a about 42% less than our base asset value (ignoring all our gold).... I can understand some discount would need to be applied but that is well below anything I consider 'reasonable'.

LJ was not a good MD for DCN, but I did hold out some hope our board would right the ship...... what a mistake that was.

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While I don't think JC himself could have turned around DCN (the gold just wasn't there), LJ at least had the sense to resign ahead of this decision by the DCN board.

This runaway disaster was created long ago by the original CP who signed off on the non-existent resource under the eyes of Rohan Williams.

DCN Price at posting: 9.6¢ Sentiment: None Disclosure: Not Held
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