WolfcreekNot as suchFirstly you have to contemplate the takeover...

Wolfcreek

Not as such

Firstly you have to contemplate the takeover rules and minimum acceptance %

Secondly, to me it looks as though Platinum are now in control and Blumont are passive.

Platinum originally were behind raising Blumont the $200M and then it was Blumont who launched the 28c takeover bid

Since then Blumont have had their own issues and it looks to me that is why Platinum have gone so hard on market and now put up their own financing offer - I.e they were happy to fund Blumont to launch a bid but also content doing it alone

To takeover CKA they would need at least $150M+ bid and then $100-150M financing - perhaps they are content in owning 20% and receiving an interest rate and % of the asset as well - less capital, less downside risk but still a large exposure to production upside