More to the point Chippie, what do they know ? This thing has been a deep mineshaft of value destruction for decades.
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Not that I'm aware of
fabs - here's a copy from the company's report on Barque, dated December 2016.
"The further work required to progress these resources to contingent
or reserves categories (drilling of the exploration well) is likely to occur
within the next 2 - 5 years; subject to changes in the current & future industry
environment. The provisional drill date is currently anticipated as early
2020."
I'm planning to hold my shares - I think Zeta can offer a bit more.
Fab,, Have to say I agree with you. The decision has been made,all that is left is to dress it up to look like its independent. Its a wonder that the takeover rules had not thought of this and in a case like we have here require it to be done completely free of NZO dominance from Zeta.
They will probable push Zeta up a cent or two according to a prearranged deal to make it look good. We will probably be told it is the best offer on the table and that the SP has risen since the offer was made.. Also that if not recommended the SP will fall back to what it was or lower. Then the directors can sit around and do nothing to make the SP fall even more.
This is not a situation where it can be said "you are between a rock and a hard place". NZO holders are the hard place.
Thoughts.
FWIW, I am going to take advantage of the 72 cent offer and just buy back any shares I sell into the offer at 60 odd cents post offer.
Then going to go along with Zeta for the ride...
Think Zeta will strip any unnecessary costs out (like they did with PPP) and probably combine PPP, CUE and NZO into one entity thus cutting costs even further. Potential here I think.
(well PPP may already be gone but you get the drift I hope)