Still too low, page-24

Hey GR33D you may not be that impressed with Explaurum management's operational progress but surely you'd be rapt with how they handled this M&A action. Bringing Alkane in as a stalking horse forced Ramelius to up its bid for Explaurum by about $10m. And delaying the vote on the Alkane offer kept Ramelius in the hunt (if they'd had the Alkane vote on 6 Dec 18 there is a solid chance that it would have got up and Ramelius would have ended its interest).

As a final mooning of Ramelius management by Explaurum management I would not be surprised if half-way through next week when it becomes obvious that Ramelius will have sufficient influence to kill off the Alkane bid Explaurum management drops their support for the Alkane bid, leaving Ramelius to cover the $400k break fee and giving their mates at Alkane a 50% return on the $800k they effectively lent to Explaurum to get them through this exercise (Alkane can themselves kill the deal once Ramelius get to 30% holding of EXU shares [and RMS is already at 20%] but why would they particularly if they expect Explaurum might do it for them giving them the $400k break fee). In any case Ramelius will also have to front up with $800k that Explaurum has to repay Alkane within 10 working days (?) of the agreement coming to an end. In other words Ramelius will have to pay all the bills incurred by Explaurum during the takeover bid.