I would probably disagree with you speculator to be honest. I'm...

I would probably disagree with you speculator to be honest. I'm not saying it's a fantastic deal for either party from where I sit but it's probably pretty fair for both.

On one hand you've got MYG, as you say low on cash though to my understanding from recent presentations they have received debt funding proposals for Deflector which should help aid things overall. The issue I would assume is even with debt funding proposals lodged they will probably require MYG to raise a substantial amount, probably $20 million (or more) in equity which with the current share price would dilute holders a hell of a lot assuming if it can even be raised successfully.

Then on the other hand you've got DRM who have a solid cash producing asset but the costs are exceptionally high and profit margin is going to be very minimal going forward. Throw in a short mine life so they really are in need of another near term producing project. In recent times the exploration success probably hasn't been strong enough to guarantee long mine life extensions at Andy Well. The risk in playing hardball with MYG is that shareholders would probably not agree to get totally low balled on such a low cost project like Deflector, especially when the new boards presentations suggest debt funding is achievable in the shorter term. Given how long plenty of us have been waiting I think a lot would be ok to wait a little bit more if we weren't getting a reasonable deal from DRM. The question I would ask is where does DRM go if they don't get Deflector under their banner? I doubt there are lots of quality low cost projects like Deflector ready to produce on a short time frame up for grabs. It's likely DRM would have small overall profits next year and I wouldn't want to be pinning all my hopes on huge exploration success to extend mine life in a hurry.

Then look at the benefits of merger/takeover - You've got a company with 1 cash producing asset, a good track record of paying down debt with a large bank like CBA and you've got a new low cost project which should be able to secure funding under the new company with much more favourable terms than MYG could secure on their own. I think one of the DRM broker reports by CBA even suggested they might be able to fund Deflector with debt and cash from Andy Well which would be an excellent result for those currently in MYG who would be looking at $20-30 million equity dilution going it alone. As for DRM holders they get a desperately needed 2nd project to really increase underlying profit that also has huge exploration upside. Once the profit from Deflector is added to that of Andy Well there would be all sorts of possibilities for acquisitions, aggressive exploration and so forth so from where I sit the merger/takeover makes sense. Is it a fantastic deal? Probably not but both parties kind of need what the other has.

All just my opinion and how I view things at present. I'm yet to officially decide what way I'd vote but my post suggests which way I'm leaning.

Good luck to holders of both companies.