Rio Board SeatCould you feel it in Paul's voice earlier? He sure hopes Rio wants to talk soon. I don't think they're in any rush whatsoever. Ask yourself: if there WAS no November investor rights expiration, what would Rio do at that date? We'll have an idea of what needs to be in the permit, but Casino Mining is filling out the application, with WRN being its sole owner. Rio is not involved in permitting, is my guess. However, on the last application, comments, and updates to permitting guidelines generally, WRN et al,. should have a pretty good idea of what needs to be in there. So do they really need to wait to see what's in there? My guess is not. Ken Engquist's role should give Rio the confidence his design would be up to their standard.
Right now, Rio's key advantage is the technical committee & board observer. Sure, we can kick out the observer for any meeting deemed classified, but it's still a leg up on anyone else. And their rights expire November 28th. Unless.....
..they buy the board seat.
With a board seat, they could just chill at 12.5%, watch permitting unfold and decide once the environmental assessment is over. Plus, they'd be privy to any and all company information and meetings, including any discussions on other offers, etc.
I initially misunderstood the board observer, thinking s/he had the right to be present at all meetings, even without a vote. No, they weren't allowed to be present in certain circumstances.
IMO, there's an increasing chance all we get in November is Rio buying 12.5%, giving them a permanent board seat for the foreseeable future.
If that happens I see all hopes for a bidding war gone. Again, we don't have nearly the leverage others seem to think we do.