Ann: Chairman's presentation to the AGM , page-4

It's quite simple really.

If the ultimate intention was to JV with CAP to progress Hawsons, Ample Source or Conglin Group would have done it by now. It has been five months since the termination of the agreement with BMG.

So if they aren't going to JV with CAP, then why has Conglin put Bin Cai on the board, and why has Silvergate/Best Expend been buying up as much stock as they can on behalf of ASI?

Both groups hold a reasonably large stake. Conglin has shown with ORM that he will bid close to 2x the share price to get a controlling stake. Silvergate we all know have been buying for months and are now just about at the 20% threshold. Surely they won't just be content with that - why stop at 20%?

There's a takeover coming within the next 6-12 months. Could we see a bidding war? I can see no connection between Conglin and ASI so there's a reasonable chance if they both want it as desperately as the other.

Interesting times! If this goes for 50c+ (likely) then that's quite a nice premium from the current price.