PGO & Hanking: The Facts, page-25

I sold out early jan and broke even for reasons surrounding the milling confidence for coolgardie. Mill requires a lot of work and neither party had the money to do it. Also NT is hard hard work. Just check how may mines approved there last 10 years ! Regarding the Hanking takeover the writing was on the wall and obvious at least in hindsight. Hanking cashed up and buying up around the place along with the director links. Rumours were circulating mid last year that this was a possibility. So no surprise. Downside is shareholders aren't really getting a takeover premium. The price is discounted because it's an all cash offer. Whilst I agree it all smells a bit fishy , I don't imagine anything illegal. You don't play with this sort of money and not have appropriate legal advise all over it. That all said, Hanking would pay more for this. They need/want the reserves and have a solution for coolgardie. A blocking stake anyone ? Need 10.1% at least. Hampton's won't be happy as working for Hanking is a nightmare as a mining service provider. They always forget to bring appropriate lubrication for the indecent act. Just ask Watpac.