why below offer?, page-8

Puzzled Monkey I was just about to make the same response to fivetotwelve.

Fivetotwelve, the Catalpa board certainly would not have been impressed with St Barbara for publicly releasing their desire to merge with Catalpa, and in such early stages of their talks. Catalpa is talking with other stakeholders and will only move on what is best for Catalpa and it's shareholders. St Barbara's offer is a joke. Edna May offers massive underground potential for high grade gold. Plant and pit problems almost certainly over which will improve profit margins.

Recent mergers and takovers in the gold industry is averaging around 40% discount of the value of the takeover target. Considering normal operations at Catalpa (which will well and truly be over in the next 3 months) Catalpa's share price should be presently travelling at around $ 2.00

Shareholders should not accept anything under $2.80

I can't see this merger taking place at all. True value for Catalpa will come after the September qtr release and we have more info regarding Edna May underground potential. The Catalpa board should not make any decision regarding our future for at least another 6 months.