Personally I feel the only fair way is to value the assets and...

Personally I feel the only fair way is to value the assets and then adjust for debt. My own view is 3:1 or 2:1 in favour of Jubilee. mainly because Tjate has a npv. of £1.8billion.
Market caps would seem odd to me,but you never know.

The balance of Tjate is owned by the Tjate Platinum
corporation.

The real benefits to both shareholders are
1)quick operational cash generation
2)Low cost platinum production via blend of at surface tailings and own smelting capability with in house power generation.
3)optimum pgm recovery(99%) by using Conroast,which is specifically designed to process UG2 and high chrome tailings.
4)Our own mining company (Maude Mining)therefore not reliant on contractors.(Clearly an issue for PLA at Smokey in the past)