Ann: PAN: Anglo Pacific Accepts into IAF re MMW , page-9

re: Ann: MMW: PAN: Anglo Pacific Accepts into... Hi ozbecool:

A fair observation, and clearly frustrating to have the SP drop so much. And yes, this SP drop doesn't help any takeover based on share swap, unless PAN management can convince MMW holders that PAN is grossly undervalued (i.e. it will bounce up faster).

I suspect the share swap offer is to preserve cash -- cash is king in shares these days. Particularly so if PAN needs to invest resources in MMW's gold mine (as well as its own Gidgee gold development).

Not sure that management is being greedy here, although would be good to know how many PAN shares management and board currently own (hopefully a large number). They probably calculated the cost of exploring and developing their own gold mines (as part of mineral diversification), and decided that acquiring MMW or another firm would be a better arrangement in terms of time and cost.