moving, page-5

re: what's this thing worth? Mmm, seems reasonable to factor in a bit of exploration success into the shareprice based on their past results.

But I personally think ADU is quite takeover proof. Management controls a big chunk, and Gardner who is close to management holds about 33% of the shares. I was looking at one of the presentations they gave a year or so back online, and management has stated that they firmly believe they've got a multi-million ouncer here. They also touted a big investment attraction is that they aren't goingto be gobbled up by any majors before the directors can unlock the full value of their land holdings, due to the tightness of the share structure. The MD of ADU, Hamish Halliday resigned from HCY a few weeks ago presumably because he wanted to really start getting his teeth into this project. SO it sure doesn't look like the directors will be giving in to any takeover bid anytime soon.

Like I've said before if you aren't prepared to go long term on this perhaps it's not wise to expect too much!