Richrichie - You do not have the right handle on this project.
The poison pill looks like this and protects both parties from a predator...
If any third party acquires a Relevant Interest in 30% or more of the issued capital of either party (Change of Control Party), then the other party to the Bullabulling Joint Venture Agreement (Acquiring Party) will be entitled to increase its interest in the Bullabulling Gold Project to 80% through the expenditure of $2 million to develop the Bullabulling Gold Project (with the Change of Control Party free carried during that period), provided that:
(i) the Acquiring Party has an interest in the Bullabulling Joint Venture Agreement of at least 50% and has not defaulted under the Bullabulling Joint Venture Agreement;
(ii) the Acquiring Party gives the Change of Control Party written notice electing to increase its interest within 30 days of becoming aware of the change of control; and
(iii) the $2 million expenditure is made within two years of the change of control event.
I fail to see why you think Mr Lawton is the right man for such a large job - he is a walking disaster! There are too many instances to list of him eroding the value of the shares you hold, why do you let him? I assume you liked the deep in the money options he gave himself despite the fact his shareholders voted against it? I assume you like the fact he promised you funds raised at 73c but in all likliehood can not get even half that? I assume you like the fact he has run out of money in the middle of a gold boom whilst sitting on such a large deposit? I assume you like the fact that he overstated the position regards reserves and was publicly humiliated by the ASX? I mean what is wrong with the man - he is supposed to be a seasoned professional. The latest blunder will put a big sign over his head warning institutions that he is perhaps not to be trusted...He needs to do a deal with GGB and he needs to concede that they have the upper hand - or he needs to face his shareholders and inform them he has failed to progress the best asset he will ever work on. this is my opinion of course - happy to debate it...
AZX Price at posting:
38.5¢ Sentiment: None Disclosure: Not Held
