Ann: Withdrawal of Gascoyne Takeover Offer, page-5

joelstar
I dont see how you can describe the WGX offer as pennypinching.At both 1 for 4 and 3 for 11 it offered a near 80%-100% uplift to the GCY share price in the preceding 3 months.It is rare for a company to receive a t/o offering a 100% uplift in the value of their shares.Hardly penny pinching.What I dont see was the importance of requiring the FFR SID not to proceed.I did not and still do not see how this was a major impediment to the takeover.It is not as though FFR does not have some resources with a prospect of increasing their inventory.It seems odd that the WGX chairman talks openly about revisiting a bid when to do so means WGX will be bidding for an entity that has the very thing it said it did not want,namely FFR's resources.GCY has a mill that needs to be better utilised>Its attraction will diminish as the cost of building a similar mill decreases.Its asic is not good with its present resources and in the absence of finding higher grade ore another bid could be at a lesser price.I believe it has less than 12 months to prove itself in the eyes of the market.Time and drilling will tell.