opportunistic and derisory offer

Posted in the UK but relevant here of course:

FWIW I gave this offer some though last night and it actually might not be totally a bad thing. Obviously Norton are trying to be clever and very opportunistic, but the price is far too low given BGL's (BAB’s) gold resource, progress being made in the field and labs and the stage of DFS, not to mention the 90% discount to BGL’s high in the 40p's. IMO this is a get in early and just grab as much as possible offer. They clearly can see BGL's huge potential.

For that reason I doubt many LT SH’s or major SH’s like Resolute will accept the offer. (In the UK 100% of posters have dismissed the offer as opportunistic and derisory) Norton might get a few million by traders buying below 7c in the open market and accepting the offer, but realistically what are Norton likely to control, 10 to 20%?

Assuming they fail to get anywhere near 50% then what we are left with is a major SH that is also an active gold mining neighbour. They will have knowledge and resources that may help BGL to achieve production and they could also help part finance the project. As a major SH it would be in their interests to see BGL prosper and I see the SP heading higher with their input.

Nortons end game imo will be to try and take over BGL on the cheap, but I doubt they can do it with this paltry offer, probably more of a long term goal building up their stake as and when they can.

BTW in Bidder Statement Section 8.7 they say:

'If Norton improves the offer' and you've for some reason already accepted a pokey 7c, then you'll get the higher offer.

Seems they already expect to have to pay more than initial cheeky joke offer.