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Originallypostedbyeastwest101

TribuneofferedtobuyoutNorthernStarminestakeafter‘insulting’offer

• PaulGarvey
  ResourcesReporter
  @PDGarvey
  
• 12:00AMMarch2,2019

SecretivegoldminerTribuneResourcesofferedtobuyoutNorthernStar’sshareofthelucrativeEastKundanagoldminenearKalgoorlieinresponsetoNorthernStar’s“insulting”offerforTribune’sstakeinthemine.

Inhisfirstmediainterview,TribuneexecutivedirectorAntonBillistoldTheWeekendAustralianthatthecompanyhadapproachedNorthernStarwithanofferwellabovethe$150millionthatNorthernStarhadmadeforthe49percentofEastKundanaheldbyTribuneanditssistercompanyRandMining.
Theapproach,throughTribune’sadvisersArgonaut,wasswiftlyknockedback.

“Wewouldbuyitstraightawayifwecould.Wecouldgetachequetothemin10minutes,”MrBillissaid.
“It’simpossibleforthemtosellitbecauseit’stheirprimeasset.”ThetusslebetweenTribuneandNorthernStartookonanewtwistlastweekwhenEvolutionMiningpouncedona19.9percentstakeinTribune.TheparcelofshareshadonlycomeontothemarketastheresultofaTakeoversPanelrulingfoundthatthemarkethadbeen“materiallymisinformed”aboutthetrueownershipofTribuneanditssistercompanyRandMining,andinparticularthestakesheldbyMrBillisandhiswife.

TheTakeoversPanelorderedthesaleofRand’sshareholdinginTribuneaspartofitsremedies.NorthernStarmovedamidtheuncertainty,makingitscashofferandhighlightingwhatitsaidwere“pastandongoingbreachesoftheCorporationsAct”.

ItwasamovethatclearlyangeredMrBillis,whopeggedtheoriginalEastKundanaleasesin1982.“Personally,itwasaninsult,”hesaid.“It’sademocraticsociety—youcanoffer$10ifyouwantto.Butwhattheyofferedwasinsulting.Ididn’tevenbothertoreplytothem,Ididn’twanttostepdowntotheirlevel.”OrefromEastKundanaistruckedmorethan50kmforprocessingthroughNorthernStar’sKanownaBelleplant.ButEvolutionhasanore-hungryprocessingplantatFrog’sLegs,just2kmfromEastKundana,whichMrBillissaysrepresentsamorelogicaldestinationfortheore.

TribuneandRandhavepreviouslybeenabletosplitouttheir49percentshareoftheoreoutofEastKundanaforprocessingelsewhere,andMrBillissaidasimilarmoveremainedapossibility.“We’vedoneitbeforeandwecandoitagain,”hesaid.“Ifwedosomedealwith[Evolutionchairman]Jake[Klein],thecompanycansavealotofmoneyandthat’sbetterforshareholders.”

Are you able to post this article which preceded the above.
"Silence is golden for mining’s mystery man"
Thanks in anticipation.