Well things could be a bit dragged out Guinea pig first SFECO has to complete due diligence which has to be completed by 12 of march but is likely to be completed well before then. Then regularity authorities have to clear it in China and Chalice shareholders agree and so on..
Could drag on for months but technically Chalice are allowed to consider better offers.. but subject to a carve out allowing the Chalice directors to discharge their fiduciary and statutory duties where there is a superior proposal.
Market not that enthusiastic about the present offer as can be seen by the share price but are shareholders in a position to vote it down? Probably other posters here have a better idea than me. (Page 69) http://chalicegold.com/upload/documents/InvestorRelations/releases/20111018ASXAnnouncement-AnnualReport2011.pdf
Politically the risks with this share are steadily shrinking. http://af.reuters.com/article/commoditiesNews/idAFL6E8CG2YX20120116?sp=true Eritrean support for Al-Shabaab exaggerated as I thought.
http://asmarino.com/articles/1311-wanted-arab-spring-20-in-eritrea- No overthrow of the present government on the horizon saying that best chance is the president will die one day! Till then best chance for more wealth in the country the mining industry.
Overall still time for people to make up their minds one way or the other.
Chalice do not have to proceed with the present deal which seems to look worse as time goes on with political risk shrinking and further mineral discoveries being made.
CHN Price at posting:
26.5¢ Sentiment: LT Buy Disclosure: Not Held
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