The more interesting issue here is who is leaking this kind of...

The more interesting issue here is who is leaking this kind of information to the press. It is just another appalling incident in this trouble prone mob.

The takeover bid was announced via the West Australian the day it happened and now we apparently have the BDO valuation in the Financial Review two days before the release of the Target's Statement. It does seem that the AFR journo is remarkable well briefed.

One can only wonder who is releasing this and why. It all points to OLY and might be a reflection of a disfunctional board and the levels of personal angst that appear to exist between factions on the board.

BDO may well value the projects at 25 cents per share, but it would be a brave investor to come in on this one with TTY at 37% and a board that is showing every signs of total disintegration.

Any offer from a white knight would no doubt be signalled in the press two days out based on what we have seen to date. Plenty of time for Kiernan to apply the blow torch.

It just goes from bad to worse, but hopefully this valuation might give some hope to the punters.