Not sure that BDC will be sold outright, otherwise there is no point of the consolidation that the board seems keen to push through ahead of the review. Why, if they intend to sell the company?
A merger is likely and preferred by myself if it is one equal sized entity with an operational plant. The company would most likely be rerated if there was a path to production just as the pog is rising.
Merging with smaller companies by issuing shares to acquire extra ounces won't benefit holders, as proven by the last 5 years of following this course of action.
Either selling the 3.07moz project outright or merging with an equal makes sense. Return most of the cash to holders if selling the project.
If merging, spin out the manganese to current BDC holders as in-specie shares.
Whatever they decide, just keep it clean and simple.
