You have presented a logical path for this merger deal had there...

You have presented a logical path for this merger deal had there been independence from other players ie FMR who set up this current board by Jon Young (chairman of FMR I believe). FMR set in motion a series of capital raises when none were needed as Burbanks North could have been mined, and no doubt if the merger goes through will likely be mined first.
Chris Hansen stated words to this effect when he took over as CEO .......we will nor repeat the errors of the past ( he referred to past small scale mining for working capital) and look what he did to the company.

Your point about preventing Hansen from getting a seat on the board can't be avoided. Directors appoint directors and directors can remove directors. Shareholders get the opportunity to vote against election of retiring directors or directors standing for election as in the case of a second strike against the renumeration report. Hansen as an appointed director will stand for shareholder approval of his appointment at a general meeting subsequent to his appointment. I will be voting against.