Jonkster,
Thanks for your response.
Yes, I agree with your points 1, 3 & 4. I am, however, dubious about bringing MIN into the team. They are the big gorilla here and don't mind throwing their weight around. The problem is this deal now enshrines them in the key development decision making. That's where I am not comfortable.
The previous arrangements had them at arms length but it compromised the cleanness of the cashflows.
I think overall it is as good as PLS could have hoped for, albeit its an expensive solution due to the significant shareholder dilution. It also means that MIN now has a blocking stake in PLS which will reduce the attractiveness of PLS as a takeover target.
I was looking to enter once the ROFR dispute was resolved. I am not sure this is my preferred outcome.
GLTA. I'll keep watching for a while.
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