Am I missing something??, page-22

As a GPR holder rather than a KGD holder my thoughts are:

GPR went down around 30% as a result of this bid, KGD went up over 50%.

On that basis, GPR's holders may be better-off with no takeover. Its shares would likely improve back to where it was and KGD would likely go back to where it was too - no cash and a price taker with nothing much to do.

If KGD is worth anything near what the "Ex Spurts" report says then GPR is correspondingly worth considerably more. In any case the target shareholders make that the decision to accept/reject not the Target Co.

GPR has/will unlock the value and build a mine. KGD tried/failed/stagnated.

The end position under the current structure with no takeover is ultimately a funded and bigger GPR with 85% and KGD with 15% having to fund itself as a passive minority with ASX shell holding costs.

GPR has/will continue to fund itself with or without the merger. It has 4-5 large holders prepared to do that.

KGD isn't going anywhere without ultimately merging its interests with GPR. Now or later.

I'm indifferent to the outcome and in a small way would prefer no T/O from GPR's perspective.

Good luck to all.