I think that the fact URL has 2.5B shares (soon to be 250M on...

I think that the fact URL has 2.5B shares (soon to be 250M on the reconstitution) and millions in convertible bonds (debt) and VCN will have $20M cash to pay $17M for restart is one issue.

There are a LOT of URL holders who will be bleeding in the eyeballs to get out after 2007/08/09 so who would buy into the prospect of an avalanche of selling and desperate shareholders?

Then there's management. One may presume that no one really believed URL's ability to get Roseby off the ground. Vulcan showed it had a similar problem convincing people Kylylahti was viable, their apparent cunning in not blowing their cash during the GFC notwitstanding. So you've got two Boards which failed to get their projects off the ground, now coming together to get the same two projects off the ground with less money (and less CAPEX it must be said) and less confident investors.

Why VCN merged with URL is beyond me; they could have opted to JV in, fund the DFS, or something which wouldn't have mixed them up with the URL shareholders, like buy a stake in the project and co-manage it.