Absolutely! A year ago our average was around 5c. Then the...

Absolutely! A year ago our average was around 5c. Then the concrete additive announcement being "imminent" encouraged us to double our holding with an average now of around 10c. Still waiting on that ann.

So how would a takeover play out now? Eg: Imerys offer 17c tomorrow. (Any less would be plain silly). That would drive the sp to say 18 as imo obviously another offer would be expected. That's getting closer to the minimum 40c we would accept. That values the company at ~$1.3B....a valuation we see as cheap considering the concrete, CC etc. Would Imerys pay that? Nahhh...imo.

What would be required to put an end to a low ball opportunistic bid? I reckon a combined HC stake of say 10% would be easy to raise. That's about 310m shares. We have 43m to start the ball rolling. Who knows what Connolly thinks? He would be key.

ADN have ~$31m cash. They shouldn't be thinking of a raising before the PEPR is approved (even then it shouldn't be more than say 20% of the ~$75-90m). If the concrete BOA isn't finalized by PEPR approval (year end?) - well something is very wrong isn't it. Imo a reasonable ADN holder is expecting the concrete Ann any day now. That's why we (& no doubt many here) upped our investment last year. It's about the concrete additive. Get that across the line & I think a hostile takeover offer is extremely unlikely.