I stand by my comment on mgmt getting a free ride if the offer goes through. Securing funding and developing a mine require considerable effort. Running a cash box is easy, and history in the private equity industry shows managers have the most to gain from such entities.
By accepting a less than adequate offer for a great project, management/board are foregoing production upside in return for not having to deal with the pointy end of a development. I could understand if it was a great offer.
Ultimately, this offer may be the right decision. It is difficult to determine if the muted price action this morning is a low probability outcome on the offer or a statement on the amount being offered.
If you sell a known quality asset at a deeply discounted price and buy an unknown asset at a deeply discounted price are you ahead?
china deal?, page-29
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$1.06 |
Change
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Mkt cap ! $410.3M | |||
| Open | High | Low | Value | Volume |
| $1.07 | $1.07 | $1.03 | $1.638M | 1.561M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 99269 | $1.06 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.06 | 1182 | 2 |
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