chairman won’t let norton takeover company

www.911metallurgist.com/blog/bullabullings-chairman-mansell-wont-let-norton-takeover-the-company

Bullabulling Gold has been affected by the continuous depreciation of gold price. The problem led to reduced numbers of investors willing to fund projects the mining company has. Because of that, Norton Gold Fields wanted to takeover.

Bullabulling Gold Ltd Chairman Peter Mansell said that Norton Gold Fields’ offer was opportunistic. They even waited a point where the company is at its lowest. Although Bullabulling has been struggling, they will not attempt to let Norton takeover of the company.

“Norton has carefully chosen a time when the external markets, lacking confidence in the sector, do not attribute fair value to assets in the hands of gold juniors. This is an attempt by Norton to extract the uplift in value that is rightfully yours. It was on this basis that your board recommended that you reject the offer by taking no action. That recommendation remains,” Mansell stated.

“But this does not justify selling the company for well below its true worth to an opportunistic buyer at the cost of our existing shareholders, who have borne the cost and the risk of the development of the project to date,” he added.

Mansell is firm about not selling Bullabulling to Norton. Their company may be able to uplift the investors’ confidence once again by focusing on the strategies they may be able to execute internally.