Ann: Great Panther Silver to Friendly Acquire Beadell Resources, page-50

Having initially bought in three years ago and bought more since this will not be one of my better investments by a long way. Fortunately I doubled rather than quit two months ago so that eases the pain a bit.
It was going to be tight cash wise but I felt there was a relative chance of success, with the old management gone, so I am overall very disappointed here. I got out of jail with SBM and thought the same might happen here.
To me the proof of whether BDR could have been turned around will hinge on whether another offer materialises. In the meantime I'll hold tight as my initial reaction is to reject the offer. Fortunately the ANZ upgrade over the weekend does appear to make it a lot easier to sell US/ Canadian shares.

Again no mention of the $27M Vat credit due which is now equivalent to 18% of offer price.