I've never said the deal was bad, what I'm saying is:...

I've never said the deal was bad, what I'm saying is: 1. the stock seems to be fully valued (given its trading close to the PV of the consideration Miracle Iron have offered to pay 2. there is likely more downside risk going forward, if for some reason the deal is not executed (FIRB approval or otherwise). 3. it's unlikely a better bid will come from a major competitor. (given small tonnes and grades) and 4. CZR will potentially struggle to execute the project themselves (given small tonnes and grade - they mentioned in their DFS report the need for further market testing, as the market for this product is highly illiquid (i.e no customers, as I've mentioned)) So, If you have received close to the full value of the cash you expect receive (via the sale) in equity growth, BEFORE the money has even hit the bank, wouldn't you hedge yourself by selling out and potentially re-purchasing at a later point, post-deal completion, if you believe management can redeploy it sensibly into something else? Just my thoughts and happy to hear another opinion