takeover bid?, page-8

BTO's CEO sure likes to go into difficult countries, which I suppose are desperate enough to welcome foreign investment where then can get it.

I need to do some more research, but on the surface BTO looks over-priced compared to many other goldies, eg PRU, EVR, RSG and CGX.

I suppose they want to get hold of CGX's cashflow to help fund their growing list of projects.

BTO may be carrying a premium based on the past success of their management - in particular the mine they sold to Kinros. That premium may not be translated if the shares CGX shareholders received were listed on the ASX.

I am rather disappointed with the offer, as I would have preferred one of the majors to take us over for cash once we were producing at 300k pa, unhedged and still in the period when the tax holiday applied.

loki