Why say NO !!!, page-9

I do not understand all the negativity. People seem to be approaching this as if it is a takeover, whereas it looks to me as a genuine merger. The fact that both RED and SLR holders are complaining supports this view. Whether the final arrangement is through RED as the vehicle or not, is only an issue to me concerning matters like taxation, since control of the company at Board level is equally split.
Using figures from the presentation on 5 Feb., I find that both RED's and SLR's valuations are lowered which actually gives space for improvement once the new structure settles down and the merger benefits are realised more widely.
Both companies gain strength in different ways. Substantially increased production, and reserves, increased spread of mines to reduce risk and flexibility, greater net cash plus investments than held by either.

If anything, the current negativity offers a buying opportunity, even if the merger fails to be passed.