Because there is no arbitrage play. For there to be an arbitrage play, EUR has to announce an in-specie distribution.
That will confirm EUR holders will receive CRML shares that can be sold on NASDAQ to realise the CRML valuation.
Right now, there is now way for EUR shareholders to capitalise on the CRML valuation.
One of the reasons EUR share price has not appreciated. We have divested our flagship project and the shareholders don’t seem to have any real slice of the pie. It is just on the company’s book as an investment.
General Discussion, page-948
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