how about wcl + mpo qld interests?, page-3

Pukin, you have made some really good points and I endorse them.

It is going to be very interesting to see (if MPO does not exercise its premptive rights) how WCL are going to pay for the assets, as you suggest. I personally believe that the situation will not arise as I am certain that pre-emptive rights will be exercised. I cannot see Anglo being interested in taking scrip. They might as well retain the assets rather than take the scrip (as they would end up with such a large % holding of WCL). We only have to wait another few weeks and then we will know for sure.

However I do also like the idea of economy of scale, and also the idea or a company reorganisation that would facilitate the Aussie assets being in one company and the international (predominantly Canadian) being in another. That way I would think that the Australian assets could be rerated if they were larger in size. It would also allow for the other company to be dual listed without Australian assets being in it, which I think is preferable, as no proper value would be attributed to Australian assets in a TSX listing in my opinion. Or they might opt to delist here and just maintain the TSX listing, for the reason that you state about no value being attributed to the overseas assets here. If that were done in conjuction with a capital raising (via an IPO on the TSX) that could be very exciting and rewarding. Bolnisi was a good example of that situation if memory serves me correctly.