merger profit delta, page-8

I also had a discussion on the phone with Norm years ago when things were going pear shaped with the Gammon Lake JV. According to what I was told everything was still on track and Bolnisi would meet their deadline. No sweat :)

It's history that they didn't and Norm would have known it was impossible at the time he was BSing me. I didn't believe him and sold down my holdings which I'd had since 20c.

This deal may well come good but the punters are suspicious, hence the 10% discount. Maybe that's a fair assessment of the risk. I still have 60k shares so I hope it turns out OK, obviously.