what a joke (attempted 'corp theft' )

Consider this:

EXS has $58m cash and a debt to collect from Copperchem (wholly owned subsidiary of Soul Patt) of approx $25m being royalties ultimately due over the next couple of years. Total cash and receivables is therefore $83m !!!

Soul Patt is offering to pay a paltry $66m to buy $83m of cash and receivables !! Yes, that's right they want you to subsidise their purchase of the company to the extent of $17m ($83-$66). They could offer 24c a share and still get the rest of the enterprise value for nothing.

This is nothing short of attempted 'corp theft' and should be treated with the contempt it deserves.

Funny how Copperchem reneged on its royalty payments leading up to this bid. Just so happened that this put the skids under the share price at the right time.

IVA is being dressed up for sale by RIO and so they don't give a damn about price so long as they clear their decks of all the distractions.

Those that think Soul Patt is some sort of white knight taking up the overhang from IVA need to think again. Soon as they get their foot on 35% of the shares the company is as good as dead in the water. It will simply wallow in share price terms until they decide to mop up with some other dud offer.

What to do ? Hope some other player comes forward and greenmails Soul Pat.

I also happen to own IVA so I will be contacting them and asking why they are accepting 19c for 24c of cash and ascribing no value to the rest if EXS. These bloody Directors have an obligation to act in the best interests of shareholders and they should be held accountable.

REJECT THE OFFER