Certainly agree there is great potential and credit to SER Mgt...

Certainly agree there is great potential and credit to SER Mgt for what looks like a good deal with upside.

Mega certainly won't want to give anymore than 33% but to do that they need to convince the underwriters and then the market that their assets are worth $140m and in conjunction Uley is worth $70m. Any lesser value then increases SER beyond 33% to maintain the $70m.

Mega need a valuation of $210m and that is way in excess of both Focus & Northern who also have very solid graphite assets. Hard to see $140m on Mega's website but obviously there is more detail to come.

As I have mentioned previously in my early research I found two links, one on the MD's personal CV and the other a transfer of assets to Mega, from the same company. However the CV has been changed with the website update (no cache of the old version) and I just can't find the sale reference. Maybe I was dreaming but I guess all will be revealed shortly.

Can't imagine Mega would go this far, or SER Mgt, if there is no chance of pulling this off. However Mega is going to have to convince the market that it is worth a great deal more than is apparent and I think you'll see a "big brother" appear on the share registry.

Certainly an interesting one, and hopefully profitable for all.