Fair point, but that scenario would require timing the market...

Fair point, but that scenario would require timing the market very well. The original deal was for $82m on completion and a delayed payment of $20m. There was no clarification if any funds were ever going to go to shareholders from this sale, it seemed the funds were going to exploration, mainly on Croydon with a 70% interest. Now that might turn out to be an amazing project, it might not. But either way money and time would be required to be spent to further the project, normally that's not great for the shareprice.

I agree that the original deal should have provided a better short term share price if you intended to sell on completion of the deal, I originally bought for a short term flip thinking this would pass through FIRB pretty quickly due to the size of the project. Which I was totally wrong.

However, long term I think there is much more upside for CZR shareholders being apart of a rapidly growing company that is profitable and has consistent growing revenue and profitability. Also if everyone wanted to sell CZR and put it into FEX at the same time, it wouldn't be possible, there isn't enough market depth, CZR price would go down and FEX would go up.

This deal wouldn't have been agreed without MC pre-approving it, it free's up all his obligations where he will now be a major shareholder in a growing company targeting 10Mtpa in the next few years. For the volume of his shares I don't think that scenario would be possible.

How many people would actually sell at that price and achieve that outcome? I doubt many on the register were even thinking of putting money in FEX.
Anyway, good to have your perspective and think its a fair point, I just think if the deal fails, who hurts more? Don't think it would be Fenix.