hi guys... has anyone seen the Kingsgate buy-out of Dominion?I...

hi guys...

has anyone seen the Kingsgate buy-out of Dominion?

I haven't delved too deep yet, but the headline figures as I understand them from a swift first glance read, so these are off the cuff comments, is that;

* Kingsgate will buy Dominion in an all-scrip bid that values Dominion at $376 million

* Dominion has 80,000 ozs production for FY10

* Dominion has 421,000 ozs Reserves

* Dominion has 950,000 ozs Resource

someone call the Police!!!

Mr Klein just paid around $120 million to secure 100% of Pajingo which produces around 60,000 oz per annum, and according to the NQM presentation of June 2010, has 96,000 ozs reserve and 320,000 ozs resource!

Obviously the cash cost at Pajingo is a touch higher than Dominion's, and the mine life is a bit shorter (but NQM has Twin Hills as well which I haven't accounted for here) but I can't help feeling that there has been a robbery somewhere!!

I guess the best way to look at it is the reactions of the respective takeover companies boards...

DOM - "unanimously recommended" the Kingsgate bid

NQM - opposed and fought the CQT bid all the way - they weren't even very gracious in defeat!

I just wished I owned DOM shares so I could get my acceptance form in the first mail on Monday morning by Express Courier!!!