An interesting day to say the least.
After reading... post on this thread, RMS and SPR here is my humble read on it all (not a lawyer nor ever will be).
RMS & WGX both were courting Karora for much of last year (even with the MGV rumble in along the way)
- RMS acquisition of MGV seems to have been very strategic, and not just for the short term boost in ounces it provides to Mt Magnet, but... it reduced WGX ability to do exactly the same thing, which would have likely seen it's production respectively increased by the CUE ore, and hence strengthen its share price and mute RMS script advantage.
RMS made offer to WGX late last year for a tie up (I am 99% it was NOT a merger of equals....not even close, which is probably the key reason for the rejection).
RMS dropped their attempt at Karora because Karora insisted on a dual listing (RMS is not interested in this).
WGX offer was accepted by Karora... because it was willing to deal with the dual listing (I mean, RMS could outpay WGX in every way possible).
RMS has spent the last few months.... waiting to build up their cash pile (I have harped on about this, their 'window' of opportunity is near with Penny production peaking over the next 12 months, and deals take time... a long time sometimes), to move on WGX (or SPR), but... it was seemingly locked up with Karora, RMS now hopes to make a hostile bid at WGX, but the break fee is large and hence, is clearly annoying them.
WGX has been in a very heavy spend period (over the last 5 years really, particularly Big Bell, but more recently, at Great Fingall and Big Bell Deeps), this sunken investment is not at all reflected in WGX share price, in fact, the recent reduction in guidance likely created an even more juicy window for RMS to move on WGX, which is the opposite of RMS, with very little non-sustaining capex having been spent over the past 2 years, particularly with their Edna May operation being run down to zero.
I think there are some slight synergies to be had between RMS and WGX, but..... only because of the Musgrave acquisition (but not lasting ones), otherwise there would be very little. Mt Magnet actually has a short, high grade mine plan, which quickly shrinks to 129kp.a by 2028 and just 115kpa in 2029.
Perhaps the plan is... well, it's the plan RMS has been replicating since it acquired AOP, and then BRB and then MGV.... print shares to increase the size of the companies market cap, get cash added as well, except this time, it will add a huge amount of cash, plus unhedged production, unlike RMS which is hedged. Then once it has swallowed WGX, move on SPR, as MZ at RMS does not want to pay full price for anything... (including WGX).
good post by
@triage on the RMS threads.... (lot's of good posts by many posters).
As for the second point in the TOV... I think that is just RMS trying to fill out the page... as having just 1 single reason to argue their point would look petty.
I don't discount RMS doing this to distract from SPR.... but... all things being equal, RMS is cashed up, but... no internal growth options available, WGX has huge internal growth on the go, but no recognition for it yet.
Though I tip my hat to
@TheSeen - summed things up nicely.
(20min delay)