I got the massive proxy form and booklet. I need to read this...

I got the massive proxy form and booklet. I need to read this weekend.

Essentially the net of debt, equity created by the merger means more than 100% of the market cap of RDG has been tipped in if you take at 'face value' the supposed tenements worth. Not that these are 100% accurate as these could be written down.

But i do struggle to value what this means for shareholders... with equity more than doubling, in return for giving up 75% of your business, to now be 25% of the merged. Surely this may be a net positive to the 25% left post-merger? You give up some of the crushing and screening business that was tiding us over, but frankly speaking the long term big growth needs something 'big' to push this ball moving, or we'll forever be tiddling a few mill a year and roughly break even or losing money when a housing/civil works contract doesn't eventuate (Which helped keep us afloat).

Having some parcels at 4c previously we're a long way away, and essentially the 2c price now i am simplistically assuming is 0.5c when you presume 1/4 of the overall company is now old RDG holders. But on the plus the value of equity has more than doubled.

Two issues: this is going ahead regardless of the dispute over tenements. In the off chance that does not go RDG/MIN way then what? are we lumped with a loan and 25% of the group with no suitable tenement? Seeems odd recourse to back out or be compensated isn't there?

Secondly: how long would smaller tenements/projects like this take to drill, scope and get into production? If we are talking about 2025 and beyond then it is a long term outlook... and not much return to ailing shareholders that's for sure. At least not in the short run.