something doesn't add up here imo!!! ..., page-21

For those interested in the reasons why a selective buyback was not used and would ultimately be an expensive exercise that would fail anyway this might be worth a read.

First EXS would need to agree to a price that IVA was happy to accept. The prevailing price was around 14.5 to 15c mark. Any purchase above this price would be howled down by shareholders as overly favourable to IVA. Meanwhile IVA would be shopping their stake around quietly looking for a higher offer all the while.

Lets assume IVA accept the offer for their stake in a selective buyback at 14.5c, the company calls a general meeting. All the relevant paperwork is sent out. Several months need to pass before this can proceed. Drill results come and go and potentially other corporate activity like royalty agreements or sales of assets.

Then SOL trump the bid with a 25-30% higher bid and the buyback is dead in the water. You can't change it incrementally higher because SOL could incrementally change their bid too.

How high would EXS go with their bid? Anyone keen to put a number on it?

Should a company use its own funds to purchase shares in themselves defend a takeover? Bearing in mind that any shares bought back and cancelled indirectly strengthens the hand of SOL by increasing their percentage stake in the company at no cost to them.

There were hardly any prepared to pay up at the prevailing market price let alone a friendly insto. IVA was also not that willing to deal down there either given that they got a better offer.

So Tweets the ball is in your court, I feel you were dismissive of my post, didn't make the calls to get the information on what EXS was doing behind the scenes.

My email is my username at hot mail dot you know what and I would be happy to take you through more of what was going on, I will also include you in some other bits and pieces myself and others are working on if you interested. Lionel and I got off to a rocky start but we chat often enough nowadays and he knows we are on the same page even if we disagree about a few things. I promise I won't bite.