Ann: Trading Halt, page-66

I think you also need to look at the overall economics. The Syerston project (the one next door to the Flemington project) has a capital cost of $900M. Let's say $800M to make the maths easier for the Sconi project. Our 25% is not a free carry so we would need to find that $200M over the next 3 years (PFS suggested a 2020 production start) - there goes all proceeds from Urquhart and probably a fairly serious dilutive CR - and we still only own a minor share.
The forward VWAP is also potentially shrewd because the SP of AUZ will need to be consolidated so it can be diluted with subsequent CR. Bear in mind that AUZ are doing a CR to pay the cash component of this (not sure what the details are but bet your mother on it it will be at a discount to last market price)
There is a good chance that if we took shares at around .015 today they could be worth 0.000015 when the eventual CR to build the plant comes about.
I have pondered this transaction for a full 24 hours now and at first was a bit dejected but doing the sums I realise now that this is a realistic and mature move for MLM.
SCONI is a massive bet and not one that a company like MLM should be making. We will be generating cash for Christmas
As always DYOR and CE