Ann: Change in substantial holding from ZER, page-10

Not sure I expect a merger. Imho there are only NZ assets and cash that really matter in this, and perhaps NZ imputation tax credits?

The cash on each companies books is real and substantial wrt market capitalisation. None appear to have any star performing people assets, certainly not judged by exploration success or deal making skills displayed recently. A merger could eliminate all PPP overhead costs, and reduce NZO/CUE NZ costs in particular.

As for non-cash assets, well PPP doesn't really have anything worth the cost of chasing imho. Cue might have some experience and contacts in Indonesia that assist the NZO efforts there? Cue probably still has some worthwhile blue sky exploration potential in Australia if it can get some free carry drilling?

The key assets of the merged entity would however be the 5% stake in Maari and the 15% stake in Kupe. Both seem to have life extension drilling opportunities, perhaps not recognised in the sp. Perhaps some sense in putting these two stakes together, returning some cash to shareholders, trimming the overheads and exploration focus down and attracting some star talent to a bigger and better exploration portfolio? Given respective company sizes, assets and tax credits it would most likely be a NZ based company.

EL