request from bgl to shareholders, page-7

Pash,

If you look at the offer and look at the current price, you’ll see what the market thinks of the offer. I know of other retail holders with combined 3% have now also contacted Brett to say they wont accept anything like 7c, taking it to 45%. This sends a strong msg the offer as is, has already failed.
Petra think 20c is more realistic
Westhouse have a 28c target
Gold miners worldwide are struggling to make a profit at $1300/oz
BGL are looking at 2.5m oz Reserve with all in cash costs probably $850/oz
Look at the rejection RNS or other comparison stats and you’ll see BGL is valued amongst the bottom in terms of amounts of gold, grade.
Also look at what having a Reserve does to the company value, we should declare a 2.5M oz reserve within 9 months if we aren’t taken over.
Capex was forcast to be recouped within 3 years with cash costs at $930/oz, much sooner if at $850/oz.

I could go on but yes the current offer is good for NGF and would be good business for them and I’m sure Zijn could make a great success of Bullabulling. I don’t blame them for trying, but its very opportunistic and a woeful, insulting, laughable offer for BAB/BGL shareholders and very bad for us if it was accepted.

Thankfully very few look like accepting and NGF as it stands will be lucky to get 8% of us with this offer. The question is when will they up it and/or when will another player come in.