Ann: Ceasing to be a substantial holder, page-22

Yeah the Macquarie sale doesn't appear to be to a single buyer otherwise they should have disclosed the holding by now. Maybe it went to some friendly parties of B2. Macquarie got lucky with predatory financing to WAF with the cheap options just at the bottom of the gold market and just before WAF hit the high grade in 2016. Now they've made their money and are moving on.

My feeling is that the market is pretty clueless about WAF. Generally very low volume trading.

As you say, B2 need us more than we need them, and that's a rare position for a junior and why I think they will pay a premium. Plus B2 has some mature projects with increasing costs and declining production. And they have a history of friendly takeovers (one of which with WAF's chairman) and are bullish on Burkina Faso. I rewatched this presentation last week from B2 at Denver Gold Forum.

http://www.denvergoldforum.org/dgf17/company-webcast/BTO:CN/

If WAF's board doesn't start growing soon I think it is a clear signal that they are asking to be taken out. If they add a director with project financing experience then it might indicate a desire to go alone.