Ann: Completion of Retail Entitlement Offer, page-20

Seems to me that the McPh licences are hanging in the balance and so RRL bought Tropicana to give themselves a decent future.
If McPh goes ahead them stand back as the rush of air when the SP goes past you threatens to knock you over.
Without McPh, RRL still has a respectable 489 Koz pa with an average AISC of $1225/oz and is not overvalued compared with its peers. With McPh, the total annual production for RRL is something like 681 Koz (not able to give AISC yet).
With 681 Koz, RRL will come 4th on the list of AUS domiciled goldies (NCM, NST, EV, RRL) and basically the same production as EVN. I think EVN is over-valued myself but the SP for RRL with McPh could easily double (at current POG) and still be valued on an EV/oz basis below NST and EVN.