Correct... so long as the rise to $10/share was driven by rising uranium value. If rare earth prices rise but U3O8 falls back then the $10 price is obviously attributed to the BSE deal and thus UUUU shareholders will stick with the TO deal. If RE prices fall and UUUU holders get nervous but U3)8 prices keep rising yet UUUU shares stay stagnant, UUUU holders may start to feel like they are picking up an African anchor and cut the TO deal. Similarly, if the U3O8 price collapses back and UUUUshare price with it then BSE holders may vote down the TO deal...
Lot of moving parts and some risk for the TO, but IMO BSE are selling very cheaply (approx only getting back the nominal US$ cash they invested in Toliara to date, less inflation is a pisspoor return) and UUUU have good deal and great synergies, so this risk is small. If ILU wasn't so gun shy on Africa now I would have them as a fair chance of entering a bidding war for BSE but prolly not. Tronox is considering their own Monazite cracking plant down the track for same synergistic reasons as ILU, but I'm not sure they want more Africa or RE -cracking plant risk at this stage? Wild card could be Lomon Billions (Chinese) testing out FIRB...
Interesting situation still, GLTAH
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