no bid recieved, page-9

Of course there is no bid, not yet at the moment. Discovery metals must cancel its destructive capital raising plan first before Cathay would launch a new bid.

The article stated "CFC is willing to put a binding cash proposal to the Board to acquire Discovery subject to the proposed equity raising not proceeding. Australian law, however would bar the firm from making an offer below A$1.70 a share before mid-June or four months since its last offer lapsed". Cathay is well aware that its new bid, should Discovery cancel the capital raising plan must be higher than $1.70 per share. Cathay's legal adviser is the prominent lawyer specialising in corporate takeover, King & Wood Mallesons which has base in Sydney,Beijing, Melbourne and Hong Kong.

The difference between the old and new offer is the new one will be cash Binding offer and non-exclusive.

Having said that however, what worry me most is only the self-interest of the directors and the boards doing whatever they can to prevent the takeover to protect their high paying salary job.