Why would a spin-out of the gold assets be too soon, now ?

Looking at the last take-overs, I think, a spin-out could be too late, because the whole PRB will be swallowed with no extra value being paid for the gold properties / or the chromite property (depending on who is the take-over candidate).

Apart from some legal issues, what is the problem with a short-term spin-out.

Give some exploration cash to the newco, distribute the shares to existing shareholders on a pro-rata basis and carry on with the same management (there is no extra work for management).

At least, you will be better prepared for a take-over battle and ALL your assets will be fully valued in that scenario.

FANTOMAS