No chance that this is a takeover target. Only hope would be to...

No chance that this is a takeover target. Only hope would be to to offer $400m in scrip or cash to convince BoD to advocate to base. Shareholder composition is not constructive for MA (40+% owned by a couple of parties and the rest is retail investors). You would have to win over 90% of retail investors to get a majority. Not going to happen. Large companies that could offer scrip aren't interested in complex underground mining that's skinny on margin. Once they see gold price going up it's too late to offer a low ball amount. ETF's will jump in. Anyway, low ball strategy only works when a company is low in cash and struggling with strategic direction (invest or divest). Just not an issue for SLR with no debt and cash. A smaller player couldn't raise enough cash. No chance. No lender would support and BoD would t acccept a reverse takeover. That said I would be fine with accepting 70c now rather than in 12 months. Bottom line is any takeover talk is not going to happen in the next 18 months