Peel shareholders retain an interest through Peel's planned 20...

Peel shareholders retain an interest through Peel's planned 20 million share shareholding in Saturn as per the announcement of 8 Sept 2017.

​

"The proposed transaction will see Saturn issue to Peel, as Apollo’s nominee, 20,000,000 fully paid ordinary shares as consideration for the Apollo Hill assets. Following the sale, Saturn will look to undertake a capital raising via a Public Offer with a view to listing on the ASX. Under the Public Offer, Saturn will seek to raise up to $7,000,000 through the issue of up to 35,000,000 fully paid ordinary shares at an issue price of $0.20. Peel Mining Limited shareholders will be given a priority offer to take up shares in the new listing."

I'll read the offer but I'm unlikely to take any shares up myself. The Apollo Hill assets have been valued by the market at practically zero while sitting within Peel. They might be worth something in a strong gold market but the grade is low and not something I'm personally attracted by. If Saturn turns out to be a success then the Saturn shares will sit in Peel's books of accounts as an asset in the form of a listed investment. That's enough for me now. The tenements were only a cash drain to the company so the spin off works to get that liability of the books. Esh