BNN"probably in that 3 to 500 million dolllar range where we can look at an early stage exploration projects, bring our core compentcies around designing, building mines into the picture and build the company" said Steve Letwin Iam CEO on BNN this AM. The other side of the coin is that he said that they were in no rush, which was probably an indication of their strategy. We are a perfect fit. Now its a war of attrition. I think Chris is right-we are not in a position of strength and we will eventually lose this war of attrition-so lets take our lumps and end it early.
Our fate was sealed when we gave Iam control of the speed of the development and the information flow. But what was the alternative? Its easy to forget how bad equity markets were when this deal was done-the MXI team made the most of a very bad situation. But the reality is Iam is in the drivers seat. Their interest is at variance with ours,
a cheap takeover. They can drag this out until we fold-lets get it over with. Their share holding probably precludes a white knight. It will be a modest win but it could have been a monster.