It has been gratifying to see the rise in Extract share value -...

It has been gratifying to see the rise in Extract share value - but it is also apparent that the freely traded shares are becoming quite scarce.

The larger parties are beginning the battle of the boardroom - is this where the final game is played? I think so.

I don't profess to understand game theory, so wonder....

Is it possible that large parcels could change hands between these players - offmarket, and effective control could be gained without a full company takeover, or indeed without smaller shareholders having a say?

Under this scenario, I suppose the upside for small shareholders is the ability to continue to hold & reap the benefits when production begins - as Extract would remain a listed entity. On the other hand, they would have to wait for their money.

Steven Dattels has said he wants a public auction (but has also said he wants production by end 2011). Under this scenario we would be paid out - likely earlier.

One thing seems sure, whoever wants Extract will get it cheaper now than in another year's time - the price will continue to climb as resources are proven up.

I think the rate at which things are moving will see a final result inside the next three to six months, maybe even before that.