DUO's offer last year consisted of: 1c for each AGU share and 1...

DUO's offer last year consisted of: 1c for each AGU share and 1 DUO share and option for each 10 AGU shares.


Current DUO price 19c

Current DUOO price is 8c


So 10 AGU shares would currently be worth 10c for the 1cps cash plus 27c for the fp & option. Total 37c, or 3.7cps.


Now that's bad enough considering the JORC is soon to be released, but here's the real sting in the tail that AGU holders of old knew was coming. DUO's announcement today reveals more of the 'big picture' that was in store. 100m shares and options for the 60% of a private company that they didn't already own when they acquired Abbotts Exploration. So $27m for 60% ownership of tenements that don't include manganese or iron ore rights.

DUO currently has 151m shares on issue, including those already handed out to owners of private companies. Now another 100m shares and options being given away for land without a resource. GPN/AGU/YRR 2007 all over again.