Question how do you know that SBM didn't ask for a board seat when they first came on board & maybe were refused ? Quite possible ! A small team like Peel's may not like the idea of having a 1000 lb gorilla in the room telling them what to do. Taking their money is one thing. Taking it up the ....... from them is another altogether. Gorillas do like to get their own way after all. They don't like to lose.
I didn't say they bought more shares at $0.50 - $0.52 just to get a board seat ! The further purchases may have been done to reinforce their position. There are a lot of competing egos involved here amongst the largest holders Micky. All of them are use to getting their own way.
SBM can still unlock value for their shareholders by having a large investment in Peel & assisting Peel technically & otherwise to develop mines. It doesn't have to be on an equity accounted basis or full ownership. Better to often have a foot in the tent than to be sleeping outside.
I seriously don't know why you are so keen at this stage for SBM to take the company over. Given what Peel has thus far found they will have no trouble raising money on their own when they need it. Having a major shareholder like Josh Pitt, a man who has discovered and developed many orebodies into mines during his career is a major asset to the company. The man is not short on expertise.
If SBM's ultimate goal is to takeover Peel then IMO they are not playing this game very smartly. They would have been better off making a play for the company when they first came on board. That may sound like hindsight but hey they have known all along how prospective Peels ground is like we all do. Historical drilling is there for all to see. Now however SBM are faced with Peel's continuing drilling success which keeps pushing up the share price. A group of smart, industry players with large holdings. Any of which could block a full takeover and probably will to extract as much cash as possible from a suitor.
For my money i would prefer to see Peel go it alone until they have a much better idea of what lays beneath that ground. I know there will be greater leverage to the share price that way compared to being part of SBM. I'm not interested in dividends. That's a pittance to the potential capital gain in this play.
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