HiI am a relative newcomer to the share market, so feel free to...

Hi

I am a relative newcomer to the share market, so feel free to correct me on some of my assumptions.

I like to buy into take-over plays, and so far have done quite well. GUJO I bought simply because hc alerted me to this play, and I also hold some heads in INR - total funds deployed about 25000. The share price of INR hasn't moved much, but it also has remained steadfast during the recent market downturn, obviously because the parent holds such a large stake. The continued illiquidity of both GUJ and INR concerns me.

Today I checked through all the announcements of both companies, and I still cannot work out why they bothered to list on the stock market in the first place. They seem to have the funds to run the merged company on their own. However, it seems a great deal of the purchase funds were provided by way of options; so I can see the role the share market plays in these transactions.
In the long run: India needs coal badly - they have Fe but no coal, particularly the good quality coal NSW provides; so GUJ-INR should do well. Correction: they should do well provided those coal deposits are not exhausted yet. - One of the deposits was discovered in the early 18th century and I'm guessing the others are also historical workings; so, does anyone hazard a guess how much longer they will be able to mine in NSW? So why would BHP sell, if there is still a fair amount of coal to be mined?
There is also a mention in one of the anns. or even the prospectus that INR are exploring in Tasmania.

I have done my sums, and I would still make a small profit if INR held its price of 0.585, but expected much better, so I am very tempted to sell out at a small loss on my GUJOs rather than see this through - I remember a similar frustration last year around X-Mas with Palmer's deal with the Chinese (ARH) and here I go again ....

Do options holders have a vote? I own 50000 GUJO and would vote "NO" - I would convert if it is necessary.
Any comments, please?

Many thanks

Taurisk