There have been so many people asking for clarification of "what happens if..." that I think we should make some observations, and if they are incorrect, then correct them so we are all on the same page:

if Kinross gets less than 50%:

the deal is dead, Kinross goes home, they do not get 43 million, but they do keep their 15 million shares....ARU continues to trade as always. Once the 180 days expire we go back to drilling etc.

if Kinross gets between 51% and 66%:

the deal did not suceed, but Kinross has 2 options. 1) it can say we didn't get the 66 2/3% so here are all your shares back (if you tendered them), we don't want them. or 2) we want to keep your shares and we are extending the bid, and increasing it, so that we hopefully get the 66 2/3 % required. (higher bid)

if Kinross gets 66 2/3 %:

the deal is successful. If you tendered your shares, they are gone. If you didn't, they may increase the bid in order to get to 90% of the shares. ARU continues to trade as ARU on the TSX at this point. (higher bid?)

if Kinross gets 90%:

then Kinross can go to court to force the last 10% or less in hold outs to accept the best offer that is on the table. So the worst case scenario if you do not tender your shares, is that you are forced to take the best deal on offer. ARU would then be taken off the TSX, and all shares are converted to Kinross shares.

now...to further complicate things:

if we get a superior bid before the deadline on Sept 3rd:

let's assume it's beyond Kinross' ability to match. Then the Kinross deal is dead, and we now have a new 4-6 week deadline on the new offer. We will be solicited the same as we were from Kinross to accept this new deal. Kinross get 43 million break out fee. Kinross keep the 15 million shares (PP) but they must vote those 15 million shares towards the superior bid.

I hope this is accurate, and if not, please correct me or elaborate where necessary.

The bottom line is, there is no reason to tender your shares.

Battle On!

safeharbour