Haven't looked at the takeover itself (and a non-holder), but I think there are inherent conflicts of interest in this report for those interested the most important paragraph is this:
***
Hartleys has completed a capital raising in the past 12 months for Focus Minerals Limited (?Focus?), for which it has earned fees. Hartleys has
also provided corporate advice within the past 12 months and continues to provide corporate advice to Focus for which it has earned fees and
continues to earn fees. Hartleys is acting as Corporate Adviser to Focus in its friendly off-market takeover of Crescent Gold Limited for which it
will earn fees. The analyst travelled to site at the expense of Focus, with all associated costs being covered by Focus.
***
hartleys research, page-13
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