Their 20% is quarantined from dilution they can issue shares ad...

Their 20% is quarantined from dilution they can issue shares ad infinitim (theoretically) in BMN to fund development of BMN Namibia's licences (all the time enhancing the attractiveness of their 20%... the further along the development chain, the more prospects proven up the more its worth both absolutely and relatively) without having to dig into their pockets, do you see how that dilution affects us holders of the the listeds and not them, OK I thought you'd already got that, THAT is why I approached them at the AGM to which they responded their "one fell swoop" defense for just the very reason you say. It allows a major, even a Tibbs Mining, to put it's foot on the project and build a significant stake at once without having to buy on market.
My expectation would be that this is not likely to be a competetive tender situation however as these advantages will be conferred to whomever holds the 20%.
Your argument is a little trite on the zero leverage front. IF Tibbs Mining gets the 20% not owned by the listed entity the listed entity will not be able to do much without dealing with Tibbs Mining. Tibbs Mining will dictate the play (given that Tibbs Mining has real money) and BMN don't got a spare 400 Mill to get to production, in fact the only proven way thus far to get it is to issue shares at an increasing rate. If and when the SP increases we will get dilution the resolution to be put to the vote on April 16 will guarantee it. You would Love it if a major took a 20% stake that was unassailable/not subject to dilution/not subject to the obligations of a listed company. Just think Tibbs Mining has 20% of the Namibian interests of BMN and anyone who is NOT Tibbs Mining and wants a slice of BMN's Namibia action first has to get effective control of BMN and then only has 80% of the project while all the time dealing with Tibbs Mining who need only get say 20% of the listed entity and have Domination of the Namibian entity.

They're up for 20% of the development costs....... pro-rata
What if Tibbs Mining offers a low ball for the 20%.. can they really say no..... what is their alternative... to look for another buyer... they can't come up with the kind of funds they're obliged to contribute.

Costaki got to the critical point of what are the obligations of the 20% holders.... I've told what I believe to be so and what I've got no idea.

It's late I'm tired. I want this one to make me money, I don't see the current owners with the current structure getting to a mine. I also would love to see a major put their foot on the 20%, or any portion of the listeds, but I argue they ain't gonna touch the listeds till they've locked up the 20% and that aint gonna go to market till the BFS is out and the current holders (of the 20%) have taken it as far as they can (free carried). Till then we are assured and indeed will vote for further dilution. Value will come from the prospects, another point stressed by CJ at the last AGM. That is what I like about your posts Tibbs you are able to dumb the geology down for the likes of me to see where the real value lies, that will be where our fortunes are made, gee can I mention EXT too LOL
G'night