Thoughts on where we sit

For those still patiently holding:

1. It seems very unlikely that another offer is going to trump what we have received, and management are selling this, no doubt.
2. Current value of the offer based on the 0.661 share takeover is AUD$1.93 per share. PIR current share price = $1.83.
3. PIR has been tracking 10-15c below the BTO offer since it was made, that makes sense imo as there will be an initial retrace on the BTO share price after the merger due to dilution of shares in BTO.
4. Gold price seems stable, hovering between USD$1280-$1325 in the past few months.

Options to consider:

1. Sell prior to takeover - it is getting close to "pulling the trigger" time if this is what you're inclined to do. If it manages to find its way back to $1.90 in the next month, it is worth considering.
2. Sell at takeover - I am not a fan of the incentive scheme published in the recent update, whereby they will "kindly" sell your shares for you at takeover and give you the money in Aussie dollars. I just don't see the point, either sell yourself before or hold. People thinking about this option, please consider the retrace likely at point of merger, it will likely more than offset the current difference in the BTO and PIR share prices. The market wouldn't allow the gap otherwise.
3. Hold, and take stock in BTO - This is still my preferred option. I have a feeling the team have an ace or two up their sleeve still, and would not at all be surprised to see the Definitive Feasibility Study (due in Q4) released within a couple of weeks of the merger going ahead, with announcement of mining commencement dates to follow. By January, I'm targeting a BTO price of USD$3.50-$4.00, based on numerous analyst reports (DYOR), and the fact that the true worth of Fekola is still really unknown to BTO shareholders, this seems achievable, if not likely.

My number one rule when considering this, don't be upset by the fact that management haven't seen this through to mining, that was never really an option for them. Be mindful that they are all going to make a lot of money from this, and trade with that in mind.

All IMO, DYOR, and GLTA!