zhongrun placement defeated!

But only Just! Refer to ASX announcement by Noble (NMG).

I think Noble is on it's knees now, IMO they have to accept RSG's offer or else the Noble Directors might have to appoint administrators (unless Zhongrun gives an immediate unconditional offer which i reckon is unfeasible and unlikely given the lack of time and all the regulatory hoops involved with Chinese acquisitions).

I have done only some preliminary research on Noble, and at first glance it appears RSG is picking up it's stake in Noble on the cheap, and if they eventually take it over down the track it will plug their hole in ounces produced once Golden Pride ends.

Whether or not you think Noble is a good investment by Resolute, you have to admire the brilliant tactical play by Resolute to pull off what they did. Had they approached Noble for a 20% placement before Zhongrun, they would probably have to had paid double the effective price then it looks like they will pay under this share swap & underwritten convertible note strategy. The tactic employed of a conditional share swap of 20% of the stock just before the meeting was a sensational strategic move, which quite simply caught the Noble Director's with their pants down.