Ann: Merger Presentation, page-314

It's quite interesting... I mean, if the do delist AVL eventually at a discount price, you definetly have claim to the first piece of evidence that this was inevitable and their plan all along..

I tried to pose this question in an AVL thread but HC locked up and wouldn't let me post..

For funds like NAIF or even straight government funding, or hell let's just throw any debt financing option, do you think they are more likely to contribute to the project if it were privately owned by RCF, or owned by a large number of Australian shareholders via the ASX? Or would it make no difference?

Although it is conspiracy theory at the moment of what RCF plan, the fact they have been able to orchestrate the potential merger shows they are capable of having bigger plans and have so far successfully worked behind the scenes to make them happen, it's hard to say that it's out of the realms of possibility that a total takeover doesn't present at some stage as a considerably more profitable route than just holding a non controlling stake, so current form shows they would seriously consider it.

For now, I do think though that they probably have enough vested here and risk is still high enough that I can't see them going in for $200million.
But then, if they wait until say, approval are all done, or a favourable BFS, favourable V price, or funding is locked up, they be looking at a much higher price than $200mil..

So can go round and around with that thinking and have no conclusion. And honestly too many other pressing questions at the moment to factor that in as well.