my thoughts

Just got back from overseas 2 days ago and saw the latest announcement. What do I think?
Time has changed. In the past we have plenty of money seeking a home to invest when there was Opes Prime, Storm Financial etc but they are all gone, taking the wealth and confidence of many.
In the past, people were willing to wait for the speculative shares to come good. But with the disappearance of those 'free money' and the ensuing carnage, certainty becomes the key to investing.
Hence many non producing and non income generating mining shares were priced way below their intrinsic value--except when they showed exceptional grades.
Yes, CJO may have the analyst pricing it at 40c/share but the cautious market refuse to price it at that.
At the past beaten down price, further capital raising would have caused immense dilution.
Yes, we may feel betray but this is the reality of the current market. Now that the first shot has been fired, the commotion may bring in another suitor.
The takeover offer is able to provide a floor to the share price, reasonable certainty to its mine financing, participation in the growth of a bigger company which has bigger analysts following than CJO.
Hence, we may not come out the best in our return but in the light of the present climate, I am glad a lot of uncertainties have been removed.
Looking at recent buying, some big investors are loading up as some long suffering holders reckon it is a good time to unload.
Finally, I believe the management have done the best they could.