Ann: Change in substantial holding, page-43

PeterPlus,

Yes, I've been saying that a while back. They should launch T/O even in November.

Yes, you don't know how much resources in the ground. But once you know massive resources at high grades, you cannot get the company cheap.

Yes, SBM if launches a T/O may not be successful, but it doesn't matter because they can accumulate shares above 20% ASX rule. When share price was trading at 50c, offer 65c takeover... if fail (most likely) you still get to accumulate 40-50% PEX shares to tidy up investors with small holding. Than offer $1.2 bid 6 months later to buy out the rest, so your average price is much lower than $1.2 bid.

Same strategy used by NZ billionaire Todd's company taking over FMS.