Noticed a couple of typos:In 2nd last para, should be "per...

Noticed a couple of typos:

In 2nd last para, should be "per share"

In last para, should be "less than PLA alone pre-2012 (before having operational issues with Smokey Hills)."

The bottom line on merger is that Smokey Hills operated competently (especially at current PGM prices) plus PLA's other assets should be worth a $200m plus market cap in current market. This was the case even in worst of the GFC crisis when sp briefly hit a low of just below 40c. So if JLP can operate Smokey Hills competently and benefit from PLA's other assets, merging with PLA is "a company maker" for JLP even on terms much fairer to PLA shareholders than 1-3 share swap, even 1-1 could be justified for JLP. But JLP have all the negotiating power due to PLA management's mistakes and situation PLA finds itself in.