Reality Check people......, page-33

There are always "choices" mate .....

Given Messers Burton and Middlemas are Directors (holding ~29% between them) and all the Company's presentations & announcements have been heralding great financial numbers - which are all commensurate with developing and operating the mine, I would be surprised and dumbfounded if they were to suddenly change their tune and recommend acceptance of any takeover bid that isn't at least say, USD$1.20.

Any risk profile has already been identified to the market. If they suddenly introduced a previously unknown risk now - inducing (or justifying) us to accept a cheap takeover bid, why would Tremont want to 100% embrace that risk? Doesn't make sense.

Traydor is correct, they are required to operate in the best interests of Shareholders. The above two alone could block any takeover bid with their holding and, as Directors, if they were looking after our best financial interests - they would be recommending a declination of any unrealistic bid. I am sure they also want to maximize their return anyway.

Of course, another option..... given Tremont is arranging both the offtakes AND the financing, they could always announce problems in this area - inducing holders to sell, then get to their 90% that way. They could then mop up any laggers, privatize the Company, go back and sign off on the offtakes and financing and then sell the Company for at least USD $500m.

As I said, there are always "choices".