awe in friendly play for arc, page-7

It's true that you can get the leverage from some of the small companies, but their limited land holdings bring about a make or break scenario that doesn't suit the current market that well. i.e. the risk is substantial, and they have nothing much else. The great thing about Arc's leverage (or the merged entity's leverage) is that they can survive a disappointment easily, and are exposed to all the Canning plays. And the plays are big enough to still have a material effect on the share price.