"Why is it not being done the other way round? SLR has the cash pile, the ownership in RED and no debt. Surely the smart move would be for SLR to acquire RED and it's assets?!"
I listened to the RED call... your question was asked. It's because RED won't have to pay stamp duty for Sugar Zone (overseas asset). Plus other tax considerations.
Ann: Presentation - Red 5 and Silver Lake Resources to Merge, page-46
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