Alliance director launches takeover offer

ALLIANCE Resources director and largest shareholder Ian Gandel has split with the junior explorer’s board and has launched a cash offer for the company saying it should focus on developing the 181,000 ounce, high-grade Weednanna deposit before spending more of its limited funds on exploration.

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Takeover offer wants to drive development, less drilling at Weednanna.

Gandel, who owns 32.3% of Alliance via his Abbotsleigh Proprietary business, has lobbed a A14c per share cash offer that values the explorer at $21.