Ann: Presentation - Red 5 and Silver Lake Resources to Merge, page-134

Own both SLR and RED shares myself - been out in the bush and missed all this, but from what I understand is SLR giving away the farm at a discount to themselves and RED will get the substantial cash that was already trading at a discount in the SLR share price, so RED get SLR's cash and then RED get themselves out of the shitshow that is their hedge-book using some short life profitable SLR assets to pump out some ounces and RED get to use the cash to upgrade their mill and make KOTH better? Just some tax losses and stamp duty accounting tricks to keep the RED name alive for the new merge-co?

Is that the crib-notes TL/DR version of this weird "merger of equals"?

Its a funny self-fulfilling prophecy/deal in that the market seemed to discount the SLR share price despite their cash balance because the market thought SLR would do something silly with their pile of cash, so Luke Tonkin said "hold my beer" and did something silly with the cash? But is it silly? He took a suitcase full of cash to RED and said "eff off your hedge book now, and make KOTH bigger and better" to give the new mergeco some mine life and ounces in the future because he didn't invest in SLR's own ground?