Why today?, page-24

Many support your sentiment.
We know that management rolled over when they were still discovering gold, plenty of money in the bank, and a near new plant.Think that the gold price fall and rising costs made them run for the hills to try and give them the benefit of the doubt.They are totally useless now though having failed to negotiate a better deal for shareholders which was there job as well.

But look at it another way:
They can't plunder the company until a complete takeover or end up in the clink.
GMD have just used script and other than paying advice fees,qand lots of postage this has cost them little so far.
GMD are already bleeding cash as a developer and they don't want to shell out the hard and readies
Finally, the kicker: the stock's in play.There seems to be an arbitrage here to get a much better deal from GMD.

Asculpeous couldn't stomach reading the fine print of the takeover document,but was there an ESCALATION CLAUSE that anyone was aware of?

At present, every share in uncommitted hands is growing in value by the day.
Waiting for a decent offer, even then may take the cash and run.