These SLR RED shares are part of SLR's assets, and hence are not...

These SLR RED shares are part of SLR's assets, and hence are not SLR's to decide what to do with them, if the merger is approved !
Assuming the SLR shareholders agree to the merger, then SLR acting on behalf of the new BOD might arrange a pre-merger sale of SLR's RED shares, and the proceeds would expand the SLR cash that it brings to the merged entity.
There will be no new agreement, giving SLR SH a greater slice of RED, so SLR SH's stop dreaming !
I cant see a process post merger, where these shares are not simply cancelled - why would the new big RED with a much greater MC, and an inevitable rerate hand over its shares for a pre-merger price ??
In the highly unlikely event that SLR SH's reject the merger, then RED is back on the market, and now GMD doesn't need to over bid, but simply replace SLR at current much improved SP's (since the merger first announced) and this merger with real Leonora consolidation synergies, would get a very positive reception bye the market IMHO.