Yes early days ...but putting on a value of 44mill on great...

Yes early days ...but putting on a value of 44mill on great prospects is pretty rich IMHO and looks like much value has been added from the fact holders are confident they were going get MKO for a song(as we know the SP started to move once MR got EK booted out) ...esp when you look at how tightly held MKO is with 60% of S/H already keen on scrip deal (which I'm sure the bulk are also EAR holders)...

IMHO the whole EAR/MKO merge is about setting up a company to sell for the benefit of the joint major holders - 2017/18

Now of course generally there is nothing wrong with this plan for those holders ...but for this sole MKO holder I see the upside we had with the B.E lease deal including getting the plant refurbishing by B.E +other toll deals as driving the SP much higher.... 20c etc

With the very likely chance this will be pushed though I would much rather exit as a MKO holder ...10c-10.5c than join the new EAR that I believe with trade back into the teens once the picture comes clearer to the market of capital demands and BE deal going by the wayside as it won't fit into the 2017/18 plan


MKO holders are certainly not over the moon with the deal going from the SP today down 8.6c 10% with over 12mill traded .... should be 10c!!