scrip takeover by avoca, page-17

the AVO approach is opportunistic. DIO is cash flow positive, and there aren't many Australian gold miners who can boast that. management of DIO leaves much to be desired, but it could be worse. on the other side of the equation: AVO resource ounces have been among the most highly priced of any gold miner in Australia. cheapskate bid for DIO involving overpriced AVO stock. also, if AVO gets hold of DIO it will double its resource and this, for a miserly $50 million.