People are starting to realise this looks like a done deal. If Hanking get less than 50% from what I have read it appears like they can still accept the shares and complete the offer but it is their choice. If they have the cash to fund the company to production, with a BDO valuation above 8c/share I would think it would be highly likely they would take the shares if they receive above 40% of the Company. It would give them effective control and they could creep to 50%+ over a number of years while they develop the project. Only chance for a higher offer looks to be another company entering the bidding process.
The real question is hold longer term and back in Hanking or sell?
Ann: Hanking Australia - Change in substantial holding, page-34
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