Ann: Presentation - Energy Fuels and Base Resources Combination, page-257

How is there no point buying BSE? BSE is paying the dividend not UUUU.

At 26.5c, after dividend, the real cost per share is only 20c. You get 3.77 shares per dollar spent at current price. You are getting 0.026 UUUU shares per BSE share, which means you get one full one for every 38.46 BSE you hold. At current prices, this amount would be $10.19Au cost with a $2.49 dividend return, which is really only $7.69Au post dividend.

UUUU is currently $5.74usd or $8.69 in Australian dollars, which means there's an eleven percent uplift at current prices between the two. Why pay this when you could buy BSE?

However because this is a merger, and BSE has $88m in the bank, and substantial assets on its balance sheet, I expect the merging of the two will push UUUU up. The dividend will only cost BSE about $70m or so.

At current prices for both stocks, it seems to make sense to me to accumulate BSE. Where's the downside?

none of this is investment advice obviously