NST made a 'fair and sensible' (as opposed to a fair and reasonable) offer of $150M in Dec 2018. Given that they have extracted gold, run up production costs and closed Raleigh AB should revert with a 'fair and sensible' offer - probably nearer $100M as NST have taken the mine backwards. NST paid $75M and have made a buckload from the gold and as an over remunerated mining contractor - so this represents a tidy capital gain, on top of revenues, and frees them up to pursue other interests.
Trouble is there is no 'sensible' demonstrated between parties. BBB's NST looks to have a clear agenda - bully TBR/RND and buy them out at a low price. That agenda might have appeared sound as they probably sipped chardonnay (or sniffed something) in the dark corner of a quiet West Perth drinking establishment. But the reality is AB will not let his shareholders be bullied.
Shareholders will continue to stand behind the board and take our record dividends. TBR/RND have paid out more in total $ dividends over the past 10 years than NST - but are at only 5% of NST's market cap. We would like BBB to go from the EKJV and grow his ego, while AB gets on with growing his companies!
TBR Price at posting:
$4.84 Sentiment: Hold Disclosure: Held
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