IF you truly think that MK thought he would get 90% of OLY at 10...

IF you truly think that MK thought he would get 90% of OLY at 10 cents then you truly have rocks in your head. TTY has picked up 65% now and will take control. I do not see the shareprice going over 10c, it will trend downwards.
This is only round one, and it's not a bad result.

Territory quits Olympia bid with 65 per cent

28th April 2008, 10:00 WST



After acquiring 64.8 per cent of Olympia Resources, Michael Kiernan's Territory Resources has let its on-market takeover bid close, the company announced this morning.

Territory's initial aim, to acquire 90 per cent of the mineral sands minnow, was initially met with opposition from the Olympia board, which derided the 10-cents-per-share offer as too low.

But the absence of a white knight bidder and uncertainty in equity markets helped Mr Kiernan's bid vehicle, Territory Mineral Sands, acquire a controlling stake.

As reported in The West Australian two weeks ago, Mr Kiernan plans to parachute his associate, Barry Bolitho, onto the company board, to sit alongside him and Olympia managing director Peter Gazzard.

The appointment of Mr Bolitho, who chairs fellow mineral sands company Matilda Minerals, is likely to signal the next step in Mr Kiernan's corporate strategy for Territory.

Territory already owns a significant stake in Matilda and Mr Kiernan has made little secret of his desire to amalgamate the two players.