q2 2014, page-4

Sharetrader78

It is at these levels that I wouldn't be surprised to see a bid come for Hudson/Raffles combined holdings

Effectively, from memory they control around 40-50% of the register

Picking up 50% of SOC for $8M, that gives you exposure/control to 80% of PMR, the $21M Jiangsu JV and Mt Adrah which was only recently farmed out at a valuation of $13M ... talk about value

Only have to look at the price action on ABZ when a major portion of their holding was sold, rallied from 16 - 29c

If it stays at these levels or even dips further, I'll consider buying substantially more given on any value metric it is cheap. Eventually the poor communication and management should handle itself as they assets may be bought out from under them or bid

Have to think, $8M for 50% of SOC would seem fairly attractive to a few larger players, given that any one of the deposits is worth a multiple - i.e PMR with their sedex I have pegged at $20-30M for example