I would say it would need to be a cash offer. Bodganka could...

I would say it would need to be a cash offer. Bodganka could always raise additional funds to pay for it.

management have not released the details of the coal marketing study or the coal quality results which were both expected before the end of 2014. Either the results are bad (unlikely given information to date) or they are keeping the information close to their chests. If they release too much information and the share price stays low then they become even more of a target.