Read the below from the Norton website and tell me the Directors...

Read the below from the Norton website and tell me the Directors aren't having a laugh at us. The offer "recognises inherent value" $230m for a company producing 150-160k oz on the way to 200k oz with cash costs to reduce below A$900 in the next 3 years with gold at A$1600+. We've paid off all the debt effectively in 3 years and can make a profit of A$40-50m if we wanted to but a fair bit of that will be spent expanding the reserve/resource further ensuring longevity. The offer is an insult. In the last 5 years we've traded between 9-62c and 25c plus an unfranked 2c dividend is now meant to be recognising the inherent value. If they believe that then we have the wrong management, who like GDO, are just being pure sellouts to what they suspect will be their new Chinese masters.




What achievements have attracted the attention of a Bidder at this time?
The Offer has been made by Zijin following Norton's significant achievements in the past 18 months including:

Cancelling the Lehman's hedge book
Reducing debt from ~$140M in 2010 to c. $47M at [31 March 2012] (with net debt approaching zero)
A new operational strategy and 10 year operations plan to grow production above 220kozpa and reduce C1 cash costs to $850 in 2016
Committing to a self-funded, $37M exploration and resource delineation program
Does this offer represent fair value?
Norton's Recommending Directors consider the Offer to be in the best interests of shareholders and unanimously recommend the Offer in the absence of a superior proposal.

Zijin's Offer provides Norton shareholders with an attractive premium, which recognises the Company's inherent value and considerable achievements over the past two years.