36c Rights Issue, page-17

As i have stated on here before i would stand in Robs corner & defend him to the hilt on his exploration results. BUT the market obviously now finds their methodology in other areas somewhat lacking. It is not prepared to place a premium on the stock. In fact it is continually marking the stock down. Since February this year it has sunk ever lower. Only once in that time did it have a brief rally. 

Haven't you ever wondered why there is practically zero buying support ? Blind Freddy can see the market is not happy with aspects of this operation. If there were not concerns the big end of town would be soaking up every share that hit the market at ever decreasing prices. The buying support would be evident. The rights issue would not have been such a failure !  

The problem is that the retail holders could very likely end up getting screwed here in a big way. The longer the status quo continues then the greater the chance that SBM is likely to lob a low ball bid. They could easily move over the 20% threshold. Then use the creep rule to try & grab an extra 3% every 6 months. 

IMO if the current situation continues for much longer then the patience of certain large holders will run dry. Pressure will be placed for change to happen.