Very interesting. This happens to line up exactly with what I...

Very interesting. This happens to line up exactly with what I have been told by multiple sources. Here is the relevant quote from the AFR.

Mark Rowsthorn's baaaack.

The former Toll/Asciano/McAleese Ltd executive has turned his hand to gold mining and is trying to get his hands on takeover target Egan Street Resources.
Street Talk can reveal Rowsthorn's Adaman Resources, a privately owned resources investment company where he is a director and significant shareholder, has lobbed an all-cash offer for ASX-listed Egan Street. The confidential bid, at 40¢ a share, was sent to Egan Street and its advisers a fortnight ago and was backed by a $60 million funding facility from Remagen Capital Management.

Egan Street's board took the confidential bit pretty seriously. It has said nothing to shareholders other than recommend they accept an earlier offer from another listed gold play, Silver Lake Resources.


Silver Lake has offered 0.27 of its own shares for every Egan share and has so far accumulated a 31.5 per cent stake. Silver Lake's offer values Egan Street at 31.3¢ a share, based on the predator's Thursday close at $1.16. Egan Street shares last traded at 31.5¢.

Of course boards and bankers can argue for days about comparing scrip bids with cash offers, but you would have to think Adaman's all-cash proposal at a significant premium must've given considerable pause for thought – if not disclosure.

An Egan Street spokesman declined to comment on Thursday.

I would say the chances we trade today are very low.