smm and pdn and areva., page-5

Like your observayions Simon , It could be said SMM now has 41% of the Valhalla JV [ 50% jv less 18% stake in SMM to be owned by Areva ]. Areva only ever wanted future supply [ note the terms of agreement reguarding Areva control and sale of most of SMM's future share of production ] and they have just bought that supply and they will back PDN to deliver that supply . I wouldn't expect the SMM sp to hold up now, once the PDN offer expires on 16 th April , put bluntley SMM have sold their best position [ full 50% jv in Valhalla ] and in the future will have to be content with a very limited bargaining position ; any extra premium value SMM held in its 50% Valhalla JV won't exist anymore. At the end of the day Areva gets future supply of ur to feed the French nuclear reactors and PDN will develop and control Valhalla .Cheers to all SMM and PDN holders . winners are grinners.