Ann: BEL: Cash Takeover Bid for Strike Res at 5.5cents per Share, page-5

I calculate a cash backing of around 5.3c/share (extrapolated from last March Quarterly report).

This is a classic move by heisters (with a conflict of interest) to use shareholder's funds to buy out the shareholders. They walk away with the assets and the company shell which, in itself, is worth around $1 - $4M.

They know people will accept because they have driven the company into the ground and are not doing anything to invigorate it. Lack of liquidity, lack of prospects, lack of interest. These people should be brought up before ASIC and gaoled.