People are asking questions about why the share price hasn't mooned and these are factors as to why. You are kidding yourself if you think TE will agree to stick around if PRL get taken out - it would be incredibly important to TE that PRL remain the counterparty (primarily for the government relationship and state approvals).
Also, at this stage there is no JV - just a term sheet in which TE and PRL have agreed to agree the terms of a long form shareholder's agreement in respect of the SPV (which the announcement notes will contain terms customary for an agreement of this nature - i.e. control restrictions ... ).
As you say, PRL will be hit with massive dilution to fund the project (and even then is likely to be heavily diluted by TE). Hence no share price run.
PRL Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
(20min delay)