You seem to have taken offense to my post. I can't see why. With any deal holders are compelled to look at both the good and the bad. As I said I agree with many of the comments that you made with regard to the elements that are potentially good about the deal but that doesn't mean that we should just pretend that the possible downsides don't exist.
For you to say "the company knows roughly how much tonneage they have in the ground" seems odd and somewhat without any supporting evidence. You say "they would have drilled it already its just a matter of getting the jorc completed". Really? Why in the hell would they would they be seeking to sell something with less than 10% of the target resouse proven, and only then into the lowest possible category, if they had done all of the required drilling and only needed to release a JORC? If that had all those drill results and the data looked good then you would compile the JORC and quantity and qualify the resource. If they have the dtaa as you infer and don't want to release a JORC so that we know what is there before committing to a transaction, why might that be? Could the data disappoint?
You ask "how many companys will have 6bln tones of coal and be capped at less than 80m in the world?". The answer to that question seems unlikely to change any time soon even if this deal goes ahead. We have absolutely no idea how many tonnes this entity really has in the gound because only a tiny percentage has even made it to the lowest JORC categories has it not? BTW its not about how many tonnes are there, its about how many tonnes are commercially viable to extract. You don't dig up 150m of overburden to extra a 30cm coal seam do you?
The purpose of this transaction is very unlikely to be for the benefit of EER or its shareholders. My guess is that they intended to to float Idalia on the ASX but market conditions simply haven't allowed them to get the IPO away. This would appear to be a reverse takeover for the purpose of a backdoor listing for Idalia. My bet is that is what this is all about. All my opinion only of course but I'd rather look at the angles than just hope that everybody else is looking after my best interests.
By the way, if you want to see what is really going out there in the market have a good at articles like this and see if it smells familiar.
