IRKED!!!! ---NSU BoD have had a minimum of 8 months dealing with the LUNatics -- and were well aware of the LUNatics intent - but all they did was say NO!! -- They had some vague notion about financing TIMOCK -- and shuffled along patting each othet on the back about what a great resource it was - yet they Knew the LUNatics were likey going to start a war - but did NOTHING significant!!!!
They have no PLAN B or PLAN C just mindless repitition of what a great TIMOCK resource is - "trust us -- don't tender you shares to the LUNatics' - when they should have been creating a PLAN B and C and amending the Rights plan to thwart any hostile bid --- but they didn't do either - now they are HOOPED !!!!!!!!!!
Their backs are to the wall - they will likley lose the company to the LUNatics and - the s/hs are going to get screwed in terms of a fair price -- AND --its NSU's fault !!!! If they couldn't come up with PLan B or C or find a suitor over 8 months you can only imagine the crappy deal they will strike with their back against the wall with 2 months remaining to do it.
Since they haven't got any ideas here is a goofy one: issue share purchase warrents with a 1-2 month expiry at a big discount - say 1 warrent at $2 per share held - this will generate enuff cash to pay for TIMOCK -- and also indicate there will be a 2-1 share split once the warrents expire -- this will create a ton of shares -- and almost certainly the current market value of NSU would increase from $1.4 Billion to closer to $1.8 -$2.0 Billion - yes the share price would drop, but relatively -- not that much. The Lunatics would still bid but they would have to pay a lot more
This is a Goofy plan I agree ----BUT anything is better than the current - NSU 'NONE PLANS" -- their financing approach will not result in the Price of NSU shares going up - if anything they will go down - nor will it thwart the LUNatics bid - the LUNatics will simply lower their offer price to offset the dilution.
LET'S FACE IT ---WE'RE HOOPED ALONG WITH EX-NSU MANAGEMENT AND BOD