hold or sell, page-17

If minority share holders don't take up the offer Glencore will have ~86% of the company, so what we're seeing is a proxy for a take over premium.

At current nickel prices I reckon $200m buys MRE about 1.5 to 2 years of grace before they will need more cash as they are running at a loss.

Will the nickel price be back up to ~AU$9-10/lb in that time? What is the exchange rate going to do? That's the punt.

Keep in mind MRE has ruined its capital base by this offer so will never pay a dividend again (will have 1.16bn shares on issue).