The JV co owner will be CRML (or another subsidiary) once the...

The JV co owner will be CRML (or another subsidiary) once the merger completes, it was clearly stated the rights and obligations would be assigned.

what is not clear is - each will contribute to the equity funding of JvCo. according to their shareholding.this can be interepreted to mean if the company is set up with a paid up of $1 million, each will contribute $500k.

However the funding of the plant is a different story, it can be via debt, or a seperate agreement where obeikan funds the plant 100% but gets to buy the Lithium from CRML at a reduced price, hence why the floor and ceiling is to be set. JVCo doesn't own the mine so CRML's "contribution" would be a discount of the Lithium to JVCo and obeikon is cash. Still a good deal if that is the case, would have a confirmed buyer and also a free 50% ownership in the JVCo. profits.so even if Lithium is sold at a reduced rate it is still 50% back to CRML.

As a very simple calculation, assuming CRML sells at a 10% discount to the market, it would actually be 5%, due to them owning 50% of the JVCo.It is a related party transaction within the group and profits still come back to CRML.Regarding the share price though as I mentioned before, there is going to be games played and there is a huge disconnect at the moment.

Once vote gets closer and done, it should re-rate up accordingly, if it does not, might be a possibility for EUR being bought out a discount to NAV - so still at a higher share price than now. Though EUR shares would have seen a price equal to where it should be if there was an in specie distribution.

Won't be the case though as the way I see it EUR is meant to be the main holder and proxy (for Aussie holders) for the Wolfsberg mine and CRML will fund development by raising cash in the US. So that is how EUR will generate its value - potential future dividends from CRML and higher share price, which is EUR's asset (CRML shares).