While I'm a holder of AWE and not MIN, I'm certainly attracted...

While I'm a holder of AWE and not MIN, I'm certainly attracted to the upside of holding MIN particularly with HZR's technology add-on.
But, and its a big BUT, with the deal involving part cash and part MIN shares valuing AWE at $0.83, we have to consider what MIN's share consideration might actually be worth. According to today's closing market quote they're worth $21.20. On the other hand, Morningstar's quantative Fair Value Estimate is well south of this at $11.40 placing it 90% overvalued. To be fair, AWE, according to Morningstar, is 40% overvalued at today's close.
So, the higher the ratio of MIN's price to this FVE, the less valuable the cash:share deal is to me. I'm happy to take cash but not at $0.83 as it undervalues the potential of Waitsia considerably.
Be good if we're all winners (AWE & MIN holders) with the deal but suspect this is blue sky dreaming...