the tty offer, page-45

There is a 100% chance of a higher offer. You'll just have to wait and see, MK and Noble aren't about to let Gilbo get ConsMIn. They know how much ConsMin will make going forward.

More than just pure speculation

SEEMS Daily Assay put the cat amongst the pigeons with our memo to Territory Resources over its "press speculation" announcement on Monday.

To refresh your memory, here's what happened:

Territory chairman Michael Kiernan told The Weekend Australian that the company would review its bid in the wake of an improved Pallinghurst Resources offer for the carbon steels miner they are both chasing - Consolidated Minerals.

Territory then used a paid-up representative of the company to spread that message to other hacks on the weekend, which was duly reported by some.

The Australian Securities Exchange got wind of what was going on and promptly asked Territory if it was true: was Territory going to change the details of its offer?

Territory managing director Doug Stewart informed the ASX, and therefore the sharemarket, that it was merely press speculation.

What Daily Assay wants to know is what advice did Stewart have in making that statement? Did company lawyers insist that the statement was the right one to make?

It is worth noting that Kiernan was out of the country and on a business trip to India when the statement was lodged with the ASX.

Also, are the rumours true that Stewart is no longer managing director of Territory?

But enough of that for now, Daily Assay's feedback from its readers is that many people are suitably embarrassed by what has gone on.

Daily Assay also wonders if the ASX is asking further questions on the matter.