Ann: Silver Lake and Doray Merger Presentation, page-30

Your SP has not been smashed any more than SLR - both approximately the same. Your SP has simply reverted to the pre-October run-up, which seems to be the period when this 'merger' of unequals was being negotiated .... while your company was doing a few things right, so too was SLR .... that's why SLR has added to its cash pile of $120m compared to DRM's net $10m. SLR funds exploration, mine development and accumulates cash .... something DRM would like to emulate dare I say. What follows is my today post on the DRM blog.
" You obviously have not done a proper comparison. Today SLR's market cap $238.7m (which includes no debt, $120m in cash and $430m in tax losses), which means that net of cash, the MC is $118.7m (with no value put on the tax losses) compared to DRM MC of $142m with $30m cash and $20m debt = net cash $10m ...... and SLR produces 50,000 oz more per year (50% more), has 3 high grade UG mines and one open cut, and has a very successful exploration program which has extended LOM for probably beyond 10 years. The high (but falling) ASIC has been due to pay as you go new mine development. SLR has much larger reserves and resources by a considerable margin, and you wonder why SLR are pissed with the idea that DRM are the ones being hard done by .... god give me strength.
DRM SP is where it's been for months. Can we really be sure that the Chinese Walls didn't leak ??
Despite the unpopularity of the BOD with many shareholders, nobody really doubts the competence of Luke Tonkin as a manager.
SLR is a very rich gift horse, not a trojan horse - Cash is King, today more than ever. DRM obviously needs a cheap, low risk line of credit.
The very generous merger is going to provide it. DRM shareholders should sleep better knowing their company has been de-risked big time.
As a SLR shareholder, I feel SLR has over paid for control, which should come anyway, given they are by far the major asset contributors."