well, I have to admit what happened to Normandy is very special...

well, I have to admit what happened to Normandy is very special as so many parties involved and pushed the price higher together. We have less gold mining players in ASX today. So realistically I don't think NCM's final offer reach any where above $5 because of LGL's size.

as the board point out, the organic growth of LGL itself is very strong. If there is no other accident like Ballarat, LGL by itself is on a upward track. So we are not in a hurry to sell.

meanwile, if you look at the other side of this takeover, NCM is gradually running out gold reserve and turning into a copper mining company. To maintain the premium as a gold mining company, NCM has to do something to boost its gold reserve. LGL's size and gold reserve indicate it is a perfect target. and this offer arose just after Ballarat got sold and CEO 'walked' away - what a timing!