takeover panel macrae - bwn, page-3

Interesting rumour leshot.

I find it difficult to understand this former director's strategy - he sold his substantial holding into the Bhushan takeover offer.

Yet he is involved with Canerave Pty Ltd which is one of the requisitioning shareholders of the meeting scheduled on Sep 8, which suggests he is in the opposition's camp, so why sell into the takeover bid ?

Likewise Stahr who also sold his substantial holding into the Bushan takeover offer is involved in Pensacola Pty Ltd another of the requisitioning shareholders of the Sep meeting

These two gentlemen were the vendors of EPC1045 which BWN acquired late 2007 (that is how they obtained their substantial holdings). This tenement has been BWN's and Bhushan's priority drilling target, though the drilling program is so far tantalisingly incomplete - and we still have no resources estimate which could have made a mighty difference to the recent valuation of BWN