Ann: Notice received s203D(2) and s249F of the Corporations Act, page-140

You are 100% correct with your analysis Mulac1.

If they fail to get to 90% and compulsory acquisition:

1. The cash must stay in BRB and used only to the benefit of BRB shareholders (so one avenue would be developing the open cut);
2. If they went ahead with Rebecca, they could look at a toll treatment agreement with BRB, but this would have to be on demonstrably commercial terms;
3. The remaining BRB shareholders would then get the benefit of the development of BRB's resource.

As I have stated before, I think the cash is as important to RMS as the BRB ore, and that is because they have offered a transaction that preserves the cash (1 RMS for every 2.83 BRB). If the cash was not important, the deal would have been something like 1 RMS for every 5.5 BRB plus $0.20 cash.

This has some way yet to play out in my opinion.