I'm one RMS shareholder who agrees with that point .....I think...

I'm one RMS shareholder who agrees with that point .....I think the EXU deposits warrant a mill and if they warrant a mill why send some ore off to Edna May ?
I suspect even if RMS were successful in their offer the economics wouldn't compare to treating all on site and I doubt it would happen .Too far , too much cost .
Forget EM .RMS won't lose money on it .

But you are viewing the offer the wrong way , this is a script offer not cash so you aren't losing anything but diluting your share , gaining other things and avoiding dilution from cap raisings which must occurr .
If EXU was larger the offer could be viewed more as a merger and there are synergies ....RMS's cash and cashflow suddenly make development easy and painless .

Institutional investors will be running the rule over this now and after a period waiting for other offers I suspect they'll chat to RMS and maybe agree if the deal is sweetened .