a miner with a twist

MLM - metallia minerals listed last year. Been up to 25c. Has a number of interesting plays - precious metals, nickel and coal to mention a few.
Anyway while doing a bit of Sherlocking on MLM I came across a recent announcement. Check this out. MLM proposes to slide its coal interests (and nothing else) into a new company called Intercoal to be floated at 20c. The consideration from Intercoal to MLM will be the equivalent of 9c per MLM share. But MLM is trading around 18-19c!!!! In other words you cop all the rest of the company for about 10c per share!
Bit of navel gazing but what would happen if Intercoal shares doubled over time to 40c? That would mean MLM (minus the coal play) comes free - assuming of course you get in at todays prices.
Yes I appreciate that things could go wrong but with coal the HOT commodity (along with iron ore) I think this could be a winner. Got my money where my mouth is and own a swag of the options - MLMO - and am looking to exit them well into double digts. Good luck.