Don't believe that the market has the SP right ...RED MC A$830m,...

Don't believe that the market has the SP right ...
RED MC A$830m, GOR MC A$1,850m (it only owns 50% hence gets half the mines proceeds), GMD MC A$1610m, CMM MC A$1650m .... today's SP is not the long term value - once the shackles are removed from RED it will rerate:
First shackle will be removed once "net debt" declared - this maybe as soon as 1st quarter CY'24 ?
Next shackle will be removed once new "credit facility" replaces current bank debt.
Final shackle that will let RED soar to new heights will be the end of its hedging.
The latter becomes less expensive to buy out with each passing year, as previously outlined.
GMD has no debt nor hedging, but has great need to finesse its ore processing or else it will become SBM mark 2.
The combined processing capacity rationalisation that a merged GMD and RED could create is very attractive IMHO.
26c offer was unappealing and 21c even more so .... I'm holding ... don't need the money and don't believe that RED can fail from here.