huntleys update, page-4

I agree that the reason to have the spin-outs is that "Such separation of assets could lead to a higher
aggregate valuation as the separate vehicles will be more attractive to investors focused on particular commodities."
However , this part worries me "CMR will retain all the cash. It will distribute scrip in the two new companies to shareholders and retain minority stakes of its own. New equity will be raised for the de-merged vehicles as part of the listing process. The newly focused, slimmed down CMR will progress its base metal projects and seek new advanced stage assets. Given available cash, forecast cash flow generation from oxides and zero debt, CMR should have the capacity to make a substantial acquisition. "
I DO NOT believe CMR should retain cash for an acquisition.
Cash SHOULD be placed into the spin-outs with NO raisings , thus NO DILUTION.
IF there was a fantastic acquisition play (???) CMR could do a placement at around $5.

Existing shareholders deserve ALL of the benefits of these spin-outs. And we need the DIRECTORS to do the right thing. TELL THEM.