If the is a takeover I would be surprised if the combined entity stayed intact for long. This means the market cap will not be easy to predict. The WA assets could be combined and floated off, Kalman may be sold to the highest bidder.
I am not sure there will be a takeover or any deal at all. Carnaby have shown that they are prepared to do a fair deal for what they want. Hammer may believe that they have a stronger hand than I think they do.
To me the best outcome is Carnaby paying cash for the EL surrounding Mount Hope. Carnaby gets the ground and Hammer avoids a cap raise and can get on with another year of exploration. They appear to be not well suited strategy wise for a merger.
DYOR Not investment advice
Ann: Li - Au Drill Program Commences at Yandal Project, page-27
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