The next BLK, page-9

Ruane offered 12c Ernst's stake (part stake)

The Chinese first offered to buy Ernst out first. He put them onto Ruane (perhaps to get him off the register).

And tried for a 15c t/o deal but it didn't happen.

Ruane sold at 15c but bought back in at 10c (a flip for the rights u/w'er)

He wanted the resource but didn't have the money.

The EAR register was split between pursuing a production story or an exploration story (Jundee v2 in Julius n/w corner).

And Ernst was too conservative for too long (worried about dilution). That pissed off a lot of people. (perhaps the u/w deal at 4c was the last straw)

Ruane agitated and won.

So there's a bid in MKO and offer in EAR -- perhaps to create MKO favour for a comping scrip deal.

But there's a lot of very smart investors on the EAR register, not just Ernst and the Chinese. They are not fools.

The thin markets for both stocks don't really reflect where the value is.

My view, the Chinese are a deep pocket, intelligent, corporate investor that had more due-dil access than any one. They are the best objective marker for EAR. They paid 15c.

Don't expect MKO will get Julius too cheaply.

(Disclosure I have plenty of EAR, no MKO)