An excerpt from today's Marketwire re TRR offer:

"Under the terms of the Agreement, each Trelawney shareholder will receive $3.30 in cash for each Trelawney share held. The transaction price represents a 36.6% premium based on Trelawney's 20-day volume weighted average price ("VWAP") for the period ending April 26, 2012."

BNN uses a 40% premium when in reality based on the 20 day average price it's 36.6%

This 20 day weighed average is for stable shares which lately, has not been our group. Whoever comes up with these guide posts or formulas, such as a 20 day period, need to get in touch with PERSPECTIVE. For a volatile sector like ours the goal posts need to be taken back, maybe an average of the high and low for the past six months and then a premium on top of that. If the majors don't like it, then let them come to the market like everyone else.