"Back in 2010 Pallinghurst Resources bid for OM Holdings. Later withdrawing the bid in favour of a holding in Jupiter Mines"
That is incorrect. It was a deal to obtain a stake in OM Holdings.
On the 28th Sept 2009, OMH announced that it was doing a deal to acquire a stake in Tshipi.
The 49.9% stake in Tshipi was held by 5 non -related investors which included Pallinghurst. OMH was paying an equivalent of $245 million by issuing 139,900,000 OMH shares to these co-investors ie $1.75/share. Brian Gilbertson was being offered a seat on the OMH board.
On top of this OMH was buying a 20% stake in Ntsimbintle the 50.1% owner of Tshipi for $49.3 million.
http://www.asx.com.au/asxpdf/20090928/pdf/31kz3jlb8w004f.pdf
The deal did change over time and OMH eventually took a 26% stake in Ntsimbintle for $63.8 million.
10th Dec 2009
http://www.asx.com.au/asxpdf/20091210/pdf/31mn9n21kyrs4w.pdf
Pallinghurst and the other investors were unable to come to agreement for the other 49.9% of Tshipi with OMH.
Tshipi Manganese price, page-73
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