I'm glad it's common knowledge that the CFC bid is rediculously low ball and the MD is publically holding that position too.
We need those good numbers to the mill before a bid is presented June 10. You'd hope this point will be laboured in any operational or corporate update from the company.
If the MDs operational guidance ofr cash posiive June still stands, I'd be much happier with some short term debt or even a dilutive placement over losing my stake in the company to some vulturistic bid.
From the AFR
"Mr Sampson said Discovery had a good working relationship with Cathay, although he hinted that Cathay’s current offer should be rejected.
“You have to decide what is right within the context of the times. We’ve got a good project in a good location that’s effectively de-risked and at break-even point. But I guess it’s up to shareholders.”
There’s no doubt that Cathay’s bid is low-ball, but with several parties already in the Discovery data room, question marks over the profitability of Boseto and a constant stream of bad news, it looks like someone will get away with a cheap bid."
DML Price at posting:
21.0¢ Sentiment: LT Buy Disclosure: Held
