EXT 0.00% $8.56 extract resources ltd

reasons 1&2

  1. 1,775 Posts.

    Good afternoon all EXT s/hs.

    Shareholders should knock back the merger, or reverse t/o
    offer.

    Reason.1
    EXT could go it alone as we do not need Kalahari.
    The only thing they bring to the table is,metals that
    are not in favor at the moment, Copper, Zinc & Lead.
    The offer of 1.6 shares in KAH for every EXT share, is
    insufficient, to say the least, they KAH have talked the
    talk re their shares, and EXT shares have been capped
    for the last six months.
    I spoke to Mr Rance Dorrington the Company Secretary
    about the capping back then. And he admitted it was
    happening, He stated that EXT could not do anything
    about it, and it was up to ASIC to investigate.
    IMHO this has continually gone on since then to make
    the offer look good. the offer is not good enough.

    He Peter Mc has been behind the reverse t/o before
    the last capital raising in which KAH was given the
    chance to aquire all the shares. Not one ordinary
    s/holder was given a chance to aquire shares, only
    the s/holders of KAH have benefited.
    Which increased KAHs s/holding to 39%, after the merger
    KAHs s/holding increases to 46%.
    He has orchestrated this very well at the detriment
    of EXT s/holders.
    EXT has $30 million in the bank, and rossing Sth, and
    our other Uranium assets of which we have a JORC Res
    of 25 Million Ibs.
    We are not being offered fair value for our assets.
    IMHO the offer should be 2.5 shares for every EXT
    share not 1.6.
    The reason I state this is obvious, we EXT have the
    resources and Tenements.
    So as I have stated before take all the documents and
    show them to your Financial Advisor or Accountant and
    ask them if its fair value.
    I have been around the Stockmarket investing for the

    last 30 odd years, and I can not believe a lot of s/hs
    on this thread will jump at the first offer.
    You only have to look at the valuation Comsec and
    Fat Propets and other institutions have on our shares
    to see how unfair this offer is.

    Reason 2.
    If the merger goes ahead.(At a revised offer of 2.5
    shares)
    With the talk in England of another bid coming after
    the merger for the combined entity.(Rumored to be talked
    up by Kalahari).
    IMHO the Directors should advise no action to be taken by
    all S/Hs,or accept any offer until after.
    Zones 12&3 and in between have been drilled to a jorc
    resource.
    That would be better for all concerned.
    Imagine having a 300 to 400 Million Ib resource.
    If the Directors do not do this they are definately
    not acting in our best interests.
    100 Million Ib Resource = $ 8 Billion.
    200 "" " Ib " " = $16 " " .
    And so on.
    What the company should also do is, move all their
    Drilling Rigs to Rossing Sth to achieve this,(I know
    there has been talk of this).
    As Harlee said the other day in one of Her posts,they
    could flog all their assets off and use the money to
    fast track the resource drilling.
    I hope the company does this, if not, I hope they are not
    in to make fast buck and run.
    They could go 2 ways after the resource drilling.
    Accept a good offer on behalf of all S/Hs, or produce
    ourselves.
    I myself prefer to be taken over by RIO or some other
    Company but at a very good price for all concerned.

    Heres hoping we all kick goals, and live happily ever
    after.

    Regards Simrose.
    DYOR.

 
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