That's a realistic summary in my opinion. It's the...

That's a realistic summary in my opinion.

It's the link to Merdeka Copper & Gold that is also relevant. Merdeka has a +$1b market cap and is a modern and active mining company that wouldn't look out of place on the ASX - and the main Merdeka shareholders are the main SIH shareholders. It's public knowledge that Merdeka would benefit from a new project to sure up declining gold production volume/earnings before its larger copper project is developed. SIH is an obvious target to add to the bigger Merdeka story.

So... a Merdeka share offer for Sihayo shares...? and where would the value shift to, does it suit the major SIH shareholders to pay over the odds for SIH given their relatively higher holding of SIH than Merdeka, could do, which would justify a fuller price. Post any future share placement/underwriting it's safe to assume the main shareholders will hold well over 90% of SIH (a lot more than they hold of Merdeka).