At the moment EVN holds approximately 15% of the combined...

At the moment EVN holds approximately 15% of the combined RND/TBR entity (via 19.9% of TBR) and NST owns approximately 1.2% of RND/TBR combined (or 4.9% of RND).
The EVN share holding is currently worth A$72m which in nominal terms is almost equivalent to the original purchase price by NST for it’s 51% Holding in the EKJV.
“EVN’s entering the fray certainly ratchets up the activity in what is no doubt an appealing resource (the remaining stake in the JV) to both NST (given that it is the operator and could unlock synergies if it were to own the ground outright) and EVN, which has a mill nearby that is hungry for additional high-grade mill feed,” Mr Hissey of RBC Capital Markets said to * in February 2019.The EVN holding and it’s setup nearby at Mungari are - in combination-strategic assets on which it aims to capitalize.
In the meantime gold has gone from usd$1500 to 1800 per Oz and it has nearly doubled its investment in TBR which cost A$40m.
I believe there is a good chance of a scrip based merger here.This way AB can respectfully retire as the founder of his Lassiters reef! And EVN sures up its ‘Anchor’ (thx CUB) in the world class golden triangle!