takeover & sp, page-12

Honestly, without having a crack at you, the question you should be asking yourself, is what would I sell at? Generally a T/O would be a 40-60% premium to a 1-3 month VWAP. If we were offered that I'd just laugh, thank them for inflating the price back closer to where it should be and hold for a bit longer. This is no longer a situation where a lot of people are in the green. That can work both ways. Either people view it as a lucky escape when a low ball comes, or see it as stealing something that they believe will grow to be much greater. There is no doubt in my mind that we are developing into a monster. Just look at the production profile change, even regardless of CRE.

Our weakness is the lack of skin in the game on managements behalf. A lot easier to sell something out if you don't have much at stake; most of the time management seems to stay with the acquisition, just working under a different name. Hopefully if it came to it our management would have the integrity to do what is in shareholders best interests, not their own, as many of us would have seen many times before. There are a few directors out there that i'd love to go 12 rounds with!

Personally if an offer came that wasn't double figures I would be insulted. If it had a 1 in front of it I'd be disgruntled, and if it had a two I'd give it some serious thought. There is no doubt in my mind that we have the potential to be a 1 billion company within 12-18 months. That might sound a bit rich form out current position, but the catalysts are there for anyone who bothers to look close enough, we just need the right news at the right time.

To answer your question, 25 cents, just in case someone wants a starting figure ;)