The letter to shareholders sounds like the best spin they can...

The letter to shareholders sounds like the best spin they can put on rebutting a superior offer from SBM. The current merger with CQT is inferior because;
(1) it has sent the CAH sp down,
(2) it has merged CAH with another company with a woefull average 2 years EPS that could cause sp stagnation below $1 as short term shareholders realise that all profits from mining go to paying off loans and machinery upgrades and no dividends for years.
(3) it means a drop in sp from a need for more capital raising dillution.
In gold mining if you are not moving forward at a certain rate you are going backwards. Like being in a car on a 110 km freeway being passed by another car.