Given Winfield states it has done a range of technical dd already, it's hard to see legal confirmatory dd falling over. Stanmore has been through several refinancings which would require extensive legal review, so it would be very tidy inside.
In my view it's more to do with business synergies and a view on coal pricing/revenue and how Winfield can sell it to their financiers and in what timeframe.
With YE results due out from Stanmore before end of the month (3 weeks), the company should also provide production and EBITDA guidance for FY20 at that time - if they repeat with EBITDA +150M it's hard to see the bid winning board support without a solid takeover multiple.
SMR Price at posting:
$1.45 Sentiment: Buy Disclosure: Held
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