Well SnowWhite...it looks like the Core Board aren't the only...

Well SnowWhite...it looks like the Core Board aren't the only ones to have made a 180 degree turn from their earlier position...you've done so as well.

I hear what you're saying and you're right, Titan's current offer isn't nearly competitive enough to get the deal done...at least not in the minds of Core shareholders. I said as much in a post a few weeks ago. I think there is a superior offer (or offers) on the table or being finalized as we speak...but no one wants to blink first. Think of it as a high stakes game of chicken...and Core's financial situation isn't nearly as dire as it was 6-8 months ago. They can afford to take a tougher stance and not give the assets away.

I hear what you're saying about upping the offer with a cash component and I agree that the shareholders would be amenable to that, if it reached their/our pockets. Having said that, any cash would have to be raised and that would significantly dilute the Company float. For argument's sake, let's say that Titan has the A$20 million that was to be raised for the Plan of Arrangement. At 0.15/sh, that financing would add approx 133 million more shares. That would lead to approx 920 million shares if the takeover was successful. A 2:1 rollback gets Titan back to a very reasonable 460 million shares for the ASX, but therein lies part of the problem...it's still only listed on the ASX and that's an issue for Canadian shareholders. That and the fear by shareholders that Titan's history, (at least in their previous carnations), of massive dilution followed by even more massive rollbacks virtually wiped out all shareholder equity. I get that Titan is "new", but some of the players and their backers aren't. The concern is justified. That's not criticism...just past history.

I think the Core vote at Titan's AGM this week is a slam dunk. I also think they will sweeten their offer and up the shares and/or add a cash component to their offer. I'm not sure that it will be enough to entice most Core shareholders to tender their shares, but I wouldn't be surprised if at least one of the Core board members accepted a private deal from Titan backers and threw their hefty share total behind the Titan offer. Core shareholders have no faith in their Board to do what's best for the Company and it's shareholders. At any rate, we'll only have to wait a couple of days for the results of your AGM to find out what's looming on the horizon.

I still think that a Titan jv on Copper Duke or Linderos would be the best and fairest outcome for both sets of shareholders. Minimal dilution with great upside potential. It also wouldn't involve a success fee for the person(s) orchestrating the deal from the beginning. Stay tuned....turtle56