Ann: Replacement update regarding interim entitlement offer, page-5

IMO ERA has a market cap of $922m because Magadise and others think that RIO will make a fair take over price well over and above the market (yea dream on) hence the share price has not crated to rock bottom. (IE $0 = delisting)
Currently RIO does not have 90% of ERA for compulsory take over but they will if they take up the $300m entitlement offer but RIO thinks the offer is insufficiently discounted given there will be no return for the out lay and that ERA company value to RIO is only what RIO can claw back from the the ATO by way of right offs within RIO, hence a independent valuer has the task of putting a price on a dead uranium mine with $2b rehab liabilities and a adjacent uranium prospect at Jabiluka which the members of the Mirarr clan say can never be mined.
Its going to be very interesting how the valuation will come out. So it looks like RIO will get ERA for virtually nothing and all other share holders will get zilch.
However in the end RIO will pick up Jabiluka for nothing and sit on it until the time is right to develop. ( but then there is Mirarr and the greenies and the anti uranium labor party )
( This is my interpretation on the latest fund raising report)