On the surface it doesnt look like a good deal for RAW...

On the surface it doesnt look like a good deal for RAW shareholders but i dont think think this is the end game. I still think the BIG win for the former RAW shareholders will be when the moratorium in victoria is overturned by the court which should see a huge jump in the share price and at some stage later a takeover offer is made for Lakes,which again should see another spike. What Lakes is sitting on is huge and it now stretches across 3 states and into Papua. Lakes shareholders have learnt to be patient but i think if this unfolds the way the directors are hoping it will provide a significant return to yourselves which would be far in excess of what you would obtain if Raw was to remain as is.