Ffrom reading carefully between the lines, it seems to me that...

Ffrom reading carefully between the lines, it seems to me that CGNPC has only "walked away" from their original offer of 270/290, they have not walked away from the idea of making a bid eventually. They have allowed themselves the option to make a counter-bid if someone else makes an offer; or in several other circumstances as described by the release. In this case, from the final paragraph in the release, they are not bound by the 3-month requirement to make the counter-offer at 290 or better, and can in fact make a lower counter-offer (although the KAH may not necessarily support it).

Quote: "The Panel Executive has confirmed in this case that: (i) during the three month period following the date of this announcement, CGNPC-URC is not permitted to announce a firm offer for Kalahari at less than 290 pence per share ... and (ii) this restriction will not apply in the event that the circumstances described in any of paragraphs (b)* to (g) above occur during this three month period."

*paragraph (b) is an offer by a third party

Presumably this is seen as a work-around to get the desired bid price of 270 (?), or lower if KAH agree, after the three-month lapses (5 August I think). Personally I think this is better timing because we should then have the resource upgrade and probably the mining license as well. It also gives CGNPC plenty of time to get their clearances and authorisations - let's hope they use the time that way.

Meanwhile, the share price is about where it was in November last year, when the U price was lower than today. So while there may be a dip today, hopefully it will be short-lived.