I’ll say it again this is a management sell out with Cope and Co deserting their shareholders to cash in on their multiple share options. A lot of shareholders have waited a long time and to see it sold for <$2.50 is not the reward management and shareholders had envisaged.
I would suggest people have a listen to George Cavey’s presentation on the 21st Sept’11. With the sp @$2.50, he stated that the company would not be selling the company for less than it’s underline value. He stated that OK were not looking at a 10 bagger (some chance) but he said they would be looking for something substantially higher than 30-60% premium on current share price. A 60% premium on $2.50 is $4 and that does not take into account the resource has increased substantially.
The sp high for this stock was $3.25 how many people that invested pushing the sp up to and in advance of $3 ever thought that the company would be sold for something less than $2.50 taking into account the dilution of FM shares.
Absolutely disgusted that shareholders have been sold out because of management incompetence and their lack of confidence in their own ability to wait for the PEA and secure a sale when the conditions are more favourable. You have to ask what’s the rush at this stage, the bids prove the project is attractive, that will not change. If this was managements only going concern would they be so quick to offload it at this price. Sounds like management are happy to cash in their options and move on to Orex.
There is absolutely no need to sell now. It is hard enough to find a gem and stick with it through thick and thin, but to see it sold off for peanuts is sickening.