I agree that would be a strategy. I disagree it would work. They...

I agree that would be a strategy. I disagree it would work. They would have to get another 70% of shares from willing sellers... IMHO they are not going to get anything like that without paying a substantial premium. Very likely they would be stuck below 90%. They would have control, except to do the one thing they wanted to do which is make mining deals between SPR and RMS because that would be related party dealling and subject to constraints.

A scheme of arrangement seems more likely, but unless it was very generous that would be at risk from the majority of shares/ majority of shareholders rule.

Unless the SPR team aren't up to it I want to see the decline put in, the mill reconfigured, a new DFS and any upside from good recoveries and a good POG to go to existing shareholders.