No. Read my post. Based on the offer price NST have valued their...

No. Read my post.

Based on the offer price NST have valued their own company (without Pogo and their liquid assets before Pogo) at $658 million.

NST’s share of production from the EKJV was 23.7% of their entire production for financial year 2018.

The implied value of NST share of EKJV of $156 million values theor entire production for FY2018 at only $658 million. ie NST should be valued at this figure if that’s all their share in the JV is worth.

By putting this valuation into the market NST have just announced to the market that they are the biggest gold producer bubble stock on ASX.

Why should TBR/RND shareholders accept a valuation that in effect values NST, pre-Pogo, at $658 million??

The only reason it is happening is that the powers of the takeover panel have been exploited.

This whole affair, including Billis related party holdings needs to be properly investigated by a parliamentary committee. ASIC can’t be relied upon as they knew about the claimed illegal cross holdings between RND and TBR for 8 years and did nothing about it. ASIC’s role as a regulator in this fiasco also needs to be questioned by the same parlimemtary committee to see why they let these claimed illegal crossholdings stand for 8 years. While they are at it maybe they can also get NST to explain who controls them and how control is exercised in their own case. 60% of the company is controlled through three nominee accounts held by international banks. The double standards are appalling.

Eshmun