Short term cash, based on R&D rebate coming back and sale of...

Short term cash, based on R&D rebate coming back and sale of barge if it occurs. Stop any further dilution of TRF, which has limited cash / options for now.

Longer term there are still resources there, but depends on the IO pricing and AUD ... currently I dont have much hope but its still there.

There are some admin cost savings that only come through combined entity - ASX fees, reporting, Auditor costs etc. TRF/IFE combined will have to pay that only once.

I'm not saying I'm happy about the whole position - I payed a $1 for IFE when it floated and 20c for TRF when it was first listed. Pretty poor (disastrous), however I do believe that a merger is a good way forward for current survival, and I'd rather that than insolvency, or further dilution at such poor SP.

If IFE instead could be sold off that would be better, but in this market thats not going to happen, and if it was it would only be because someone else was realising there was better value for the future.