Just Thinking............
CFE is around 4 times more expensive than DLC. That makes DLC cheap because; CFE has around a 30% holding in PNE when the deal is done and DLC will have around a 15.1% holding in PNE when the deal is done. CFE has over 720 million shares out there (options?) and DLC has over 633 million shares out there (Options?)
CFE has suffered in SP for the longest and is selling assets to stay alive and is unable to operate and develop Lithium Austria by itself and so has offered PNE a partnership to operate its holdings in exchange for a part of the complete deal...............CFE's SP jumped up only because of the PNE deal and is overvalued at present because only the PNE deal will make CFE relevant in the Market Place. Without the PNE deal, CFE would be around 1.2 cents AUS a share and falling. Without the PNE Deal, DLC will be worth around 1.5 cents AUS based on its business turnaround on profits for its adultshop activities. (Has to stay that way or it will be worth nothing also waiting for the next quarter results)
Based on the SP of CFE and DLC and because you still cannot buy PNE on the market and we all do not know if the deal really is going to be a moneymaker here, it looks to me that DLC would be the logical investment point at the low SP at present for DLC, all the way up to 1.5 cents AUS a share.
Both CFE and DLC have a history of returning or trying to return money to investors in the past and this will not change if PNE is a winner. But if PNE is a loser, CFE will fall down again and if DLC continues to make profits, well it will go back up. But if PNE is a winner, DLC will be the better investment. How much better is hard to say at this point for sure.