Just to be clear, holders won't get any cash if the deal is at the asset level. Galan will get a huge boost to their coffers and will hand over their main assets.
It's likely that being left just with moose pasture in both WA and a shell-JV in Canada (neither of which the company have properly progressed for over 12 months), the ASX would suspend the stock on the basis of listing rule 12.1 (not having sufficient operations to merit being listed on an ongoing basis).
Galan would be need to acquire another project/asset (i.e. go hunting for an acquisition when all sellers know they are cashed up) in order to satisfy that requirement and re-list again. This has happened numerous times where the main project a company is pursuing either fails or is sold.
GLN Price at posting:
15.5¢ Sentiment: None Disclosure: Not Held
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