Potential takeover/merger, page-14

Exactly right. The question isn't do we want or hope it to happen but rather does it make logical sense to happen. There are clearly synergies between the two companies and like everyone else invested in here I think the stock represents incredible value. So you have to ask the question on whether the main actors here - being Mr Brazil (and to a far lesser extent mgmt) - have the motivation.

On Mr Brazil - he's got close to 350m shares here or $70m. You can google estimated net worth and see it's around $300m. He's got plenty of property and cattle stations but one thing is for sure - holding ~25% of your net worth in an illiquid small cap miner is a ballsy bet. His cost base is around 14cps from memory. You can't tell me he wouldn't be tempted to roll his money into a larger MAC/AMI entity if MAC were to offer say 30cps (an increase of his net wealth from here by ~$40m).

As for mgmt - lets see the remuneration report that comes with annual rpt (should be out soon) and that will need to be voted on at the AGM in November. There are often very juicy performance rights that trigger on a change of control event. You can see below that key management got 16m performance rights in FY24 alone.. probably similar in FY25. If a transaction were to occur those ~32m performance rights would trigger and if done at 30cps thats a nice ~$10m to key management.

Anyway - i'm sure we will see what MAC are up to in the coming months. The market doesnt appear to be pricing this thing properly imo so its an opportunity for them.