my strategy for sbl

I have previously traded SBL in my personal account but my current holdings is in my superfund.

Having considered where things are at for SBL, the nature of the offer and my own personal circumstances I have decided that best course of action for me is to hold SBL shares and not accept the current offer by Lionsgold before me.

Specifically my reasons for this are:
a) The takeover offer does not reflect fair value given SBL's stage of development and EV/oz peer comparisons
b) The risks of accepting the offer appear much greater than holding onto my SBL shares at this point. Best case in holding my shares is any positive developments for SBL post takeover deadline will be reflected in direct share price gains as opposed to dilution of any share price gains with Liongolds other assets and shareholders who hold Lionsgold shares. Worst case is they get greater than 90% acceptance and have my shares compulsorily acquired at 1 for 34 offer.
c) I am invested in SBL as I believe as does Lionsgold there is significant value to be realised from SBL, and by holding SBL shares I stand to maximise and earn better return from any positive developments than holding my investment in Lionsgold shares given dilution etc. I am invested at these levels as I see the medium term risks as minimal, hence whey invested using super funds, by taking Lionsgold shares I open myself up to other risks I had not invested in SBL for, namely exchange rate risks, not knowing value of Lionsgold other assets, dilution etc.
d) If Lionsgold achieves less than 90% acceptance, than not only do I achieve more direct exposure to any positive developments with SBL but they would have to up their offer to acquire the remaining shares to achieve the 90% target.

So thank you Mr Woods for your boards endorsement of the takeover bid but I will take my chances not accepting this "generous" offer.