One of the independents, chairman Stuart Butel, told shareholders that the offer of $1 a share was within the value range calculated by the Independent Expert, BDO Corporate Finance Ltd, of between 90 cents and $1.39 a share on a controlling-interest basis.

The shares had a closing high of $1.46 in July last year.

Butel’s advise was backed by other independents Stephen Bizzell and Neal O’Connor. According to last year’s annual report Butel owns 316,000 shares, Bizzell 7.3 million and O’Connor 125,000.

“While Stanmore’s assets continue to have long term strategic value, and its operational performance continues to be strong, we acknowledge that there are risks and uncertainties inherent in the business in relation to matters such as coal prices and the future development of the company’s full asset portfolio,” Butel said in a letter to shareholders.

“The offer of $1 per share represents cash certain value now versus those risks and uncertainties inherent in continuing to hold shares in Stanmore.

“As at 27 April 2020, Golden Investments already holds approximately 50.57 per cent of the shares in Stanmore.

“Following the offer, it is likely that the market for Stanmore Shares will be less liquid than the market for Stanmore Shares prior to the offer.

“A reduction in liquidity may mean if you do not accept the offer, it may be more difficult for you to realise your investment in Stanmore shares in the future.

“Golden Investments has indicated that, following the offer, it will reconstitute the board of Stanmore so that it comprises a majority of Golden Investments nominees, and that, subject to the ASX Listing Rules, it will ask the Stanmore Board to review whether Stanmore should remain listed on the ASX.

“Stanmore Shareholders who do not accept the Offer will become minority shareholders in a company controlled by Golden Investments. Further, Stanmore may in the future cease to be listed on the ASX.”