questions for the agm, page-20

Some interesting questions, @FF & Pran. I would love to hear the responses to some although they are probably not appropriate unfortunately.

@FF
2/ really depends on what institutional holders are planning to vote and if they intend to stay in or have arrangements to sell to another party. 1-3 combined to a more succinct statement.

/4 Need to check on what the disclosure requirements are, as they did not get any enquiries from ASX at the time.
/5&/6 I think you need more than conjecture here, use some valuation metric, it is conjecture.
/6/7 A simple request for the detailed financial analysis offered to investors for plan A & B, that they can only answer yes or no, not argue against your reasons.
/7(ii) I did not see how you calculated that Shandong had bought 90M shares on market, when they only have 25M shares according to the resolution to be voted on at the AGM. You would need some evidence.

/8+9 sound like would more likely see you in court, nothing to gain drop them!

@pranav
1. Not going to happen, the conditions of a full takeover are already specified in the deal.
2. &4. Good - but you want the plan before the vote, the institutions they approached for funding likely have it. Delay vote until plan and the current cost and production situation at the mines is also disclosed to enable the true value of the deal to be determined
3...
5. May not be in interests of holders if the deal goes through. They have indicated that part of the deal is to enable a takeover to grow production, and this would need to happen soon before gold goes up further. Production improvements would take a while longer if they involve refurbishing mills.
6. It does not work that way, instead management earn buy options at a call price slightly higher than the current share price, so they are worthless if shares go down. This is already there.
7. SG have already said they may do under certain conditions, it is part of the deal.
8. This last point is poor form. All/most smallcap stocks do this, they can not expect to get them for free and brokers do not cover the small stuff. The licensed advisers are accountable for their analysis, and give full disclosure. We can disagree with the analyst conclusions, and since all company reports are more of a positive spin it is up to us to come up with the counter examples. That is the reality in investing in these stocks.