Fundamentally I agree however, they need to get their scrip price up first.
If they were to lodge a bid now it would set them in holding pattern for the next 6 months or more locking in that chronic sector under performance for an even longer time. If the gold price rallies to $4k as many of us expect and GMD (or any other suiters) market cap goes up 40/60/80% in that time whilst Vaults continues to lag its possible or even quite likely that they are going have done all the hard work building the scale of this company but yet get taken over for next to no reward.
VAU Price at posting:
44.0¢ Sentiment: Buy Disclosure: Held
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