massive discount to takeover offer, page-3

From the GGG Prospectus:

The offer for the GGG joint venture partner was launched after the pair reached an impasse on strategy that threatens the former?s planned listing in Australia.

The pair are 50-50 partners in the Bullabulling gold project in Western Australia, where GGG plans an ambitious drilling programme this year.

However Auzex has resisted the plans thus far ? and actually wants to drop from two rigs to one.

Earlier this week chairman Peter Ruxton told Proactive Investors: ?50-50 joint ventures rarely work. You always end up with some friction. You have to have a common mind on strategy.

?GGG?s view is we really want to be pushing this project along as fast as we can while the gold price is high.

?We want to put down 75,000 metres and put four or five rigs on the prospect as soon as possible. Auzex has a much more modest strategy and want to go down from two rigs to one.?

The GGG chairman says in order to maximise shareholder value the company must build the resource base as quickly as possible.'

So Azx want to go down from 2 rigs to one while GGG want to go up to 4 or 5 rigs. With Gold riding a wave (which won't last forever) what kind of management fools would want to snail pace this project? For increasing shareholder value there really is no contest as to which company has the vision with Bullabulling!


Temu