Ann: US NICKEL TAKEOVER OFFER FOR ARGENT MINERALS, page-9

re: Ann: USN: US NICKEL TAKEOVER OFFER FOR AR... IMO this is a very opportunistic grab for ARD. and if it comes off they are getting ARD cheap esp ARDO, which is about 25% discount to current trading. Note that Chris Dawes has resigned from ARD. This sounds like a hostile takeover to me.

There is no upside for ARD holders in takeover/merger 'price' built into this for either Bullant or Kempfield. to get the upside you would have to stay with USN for a while. but in a much diluted holding.

ARD did have trouble with last ssp. raising only half of what was needed and then it all came from USN. This would be known by common director Christopher Dawes. and he would know that ARD is having difficulty raising more.(I'm guessing)

BUT, lets say USN do take over with a share swap.

Currently USN had 138m shares.
they would have to issue 117m to ARD and 9m to ARDO holders.
TOTAL 265m shares
And USN is broke so expect a big cap raising at around 12c in USN to raise $5m or so.

What we are not being told by ARD is their financial situation. At end of dec qtr they will have only $.5m. If they could raise a couple $m themselves I would firmly reject USN. With Bullant production 6 months away i would have thought there would be alternatives to accepting USN grab.