John Lawton is a nice bloke, have met him a few times. I think...

John Lawton is a nice bloke, have met him a few times. I think he has been distracted by this unnecessarily and wound up by his corporate financers who stand to gain the most by the takeover falling over (the company would have to go back to the drawing board and refinance).

The problem I have with the AZX board dismissing the takeover is that it is the only thing holding the AZX share price up at the minute. Most gold shares have corrected 30%+ and AZX has stayed up mostly because GGG is more actively traded in London and the London audience thinks it is undervalued.

Re his shareholder base not accepting the GGG bid, all the names he mentioned are old hands and they know how to play a bid. I imagine GGG is canvassing them like hell too, and may even have to raise its bid to get them over the line. But they know that 50% of a deposit does not maximise the growth potential of it and AZX are not hitting it with the amount of work it needs to get the market excited. And the other projects in AZX are not the focus of the market either.

The bottom line is that the AZX board needs to stop listening to its corporate financers and go back to teh table with GGG. If a higher bid is what is needed then so be it but this limbo situation is going to depress the share price and irritate the register a lot more than actually doing something.