Hi @Whiddon3 I've written extensively (boringly!) in the past...

Hi @Whiddon3 I've written extensively (boringly!) in the past speculating on possible valuations which is why I assume you asked. I didn't want to find them (my old posts) but pretty much agree with @Ashentegra 's post today: https://hotcopper.com.au/threads/ann-trading-halt.6409889/page-56?post_id=57432532

Some people are confusing future performance with the current share price for ADN, or some mythical failure of the market to fund MEP's equity share of the JV, to argue for a lowball offer. The market is awash with cash. James Marsh has already said that debt funding will be at the project level, around 60-65% debt funding.

This deal has been months in the making. I assume it will be consumated via a Scheme of Arrangement which requires 75% vote in favour. The history of SoA's on the ASX is that it will fail if not unanimously endorsed by the MEP board. The offer has to be found to be fair & reasonable by an independent expert. For these reasons I think we should expect a scrip ratio that reflects the maths of the 75/25 GWJV with some (minor?) adjustments for other assets.

Having made the switch from ADN to MEP some time ago 24 or 48 hours isn't too long to wait for the details.