Ann: ORR: OreCorp Board recommends amended Perseus proposal, page-10

It's all about the difference in financial capacity of PRU and SVM.

PRU has USD$642m of cash and bullion on its balance sheet and an undrawn debt facility of US$300m. It can easily fund the cash acquisition of the OreCorp equity (whether that's 50.01% or 100%) AND lend/underwrite an equity raise for the full amount required for the build of the project to the Orr Corp entity that owns it (whether it stays listed with minorities or is a 100% owned sub of PRU).

SVM on the other hand has to pay for the OreCorp entity with scrip and would need to raise project finance for the build. Without being able to fully consolidate the project it can't support the project debt with the parent entity cashflows. With PRU refusing to sell its interest in ORR and the project becoming less attractive due to the Government carry increasing they probably realised they were better off pursuing other opportunities.