I have suspected this outcome for a long time......... ever since Grant Davey was drummed out of the company and IM got involved. This takeover by Tremont has been set up for a long time IMHO. I posted about such suspicion way back in June last year and predicted that the SP would not be allowed to "scream" ahead to represent fair value. Here is my post from back then:
https://hotcopper.com.au/posts/18153613/single
It is no coincidence that the offer of 33c is about where the cappers put the breaks on SP accretion over the last 9 months.
Offering 33c per share is way under any fair and reasonable value for such a derisked project at this point in time. Sure there are plenty more risks to face bringing this project into production, but Tremont will make a killing if this offer is accepted.
Sadly, I doubt any other parties will make an offer for this project due to the very strong holding and control that Tremont already have in this project. Shareholders are being bent over for sure and the worst part is that this offer has been underpinned by SP manipulation for a long time. I know that HC posts are renowned for crying manipulation, but in this case it is a classic example of fact.
Such is life as it is what it is!
Cheers
