Safe, I would argue that this is the fight. We already knew that retail investors made up 30% of holdings, so the best outcome possible would have been 70% tendered.

Kinross got 75%. Not surprising that 5 of the 30% tendered. In fact, I believe it was a huge victory that only 5 of 30% tendered.

The point is that Kinross acquired what we expected they would acquire. Let's call those the "easy" shares. We knew we were going to lose these, so Kinross has won nothing.

The real battle - and the only battle - has always been over the remaining 25%. This is the real battle ground the Crew needs to hold.

11 days folks. Hold tight and work hard for 11 days.

Onward and upward.

Regards,
George