First time poster on HC but long term viewer across several of...

First time poster on HC but long term viewer across several of my holdings. Such is the precarious situation that PGO is in that I feel the need to post something. My position is that we should accept the offer. Not because it offers value for the worth of PGO, but there is little alternative. If people feel that the directors cannot act on the best interest of the retail investors now, what makes people think they will do so in the future? This sentiment comes from the actions of the directors through their agreement with the a) $400k break fee and b) the "customary deal protection provisions" which includes "no shop" restrictions. They have bound themselves to not even look for a better deal during this offer period (of which the time-frame has yet to even be announced).

For anyone that has been around the industry will know the fate of GCR, which was in an eerily identical situation. A director from the Chinese takeover company HQ Mining also sat on the board of GCR and recommended the proposal. Only one sitting director had the courage to speak out against the decision and he was soon removed. PGO has only three directors, and all have indicated their support. For GCR there was a subsequent collapse of the SP over a the preceding years.

All the talk of ASIC etc. is wasted breath as this is not the first or last time situations like this occur on the fringes of the regulatory rules. The same talk and action was talked about and taken with GCR to no avail.

Looking back at that experience with Golden Cross and the Chinese, I believe that if the offer is not accepted by shareholders, the value of this company will drop significantly. You think it may be bad now, but it will only get worse - 5.75 is a lot better then 4/3 cents through dilution via capital raising, uncertainty etc.

Regards