I’m finding it hard to reconcile managements upbeat outlook...

I’m finding it hard to reconcile managements upbeat outlook prior to the offer announcement with their commentary post-deal.

i.e. If the offtake process was looking so promising and the likely DFS numbers were so strong and if production in 2026 seemed so certain, then why are we giving up ownership of Colina for a price which ‘potentially’ represents an incredibly cheap valuation?

In summary, the $560m valuation (plus the cost of capex and remaining working capital/DFS/early works and permitting) seems to be well below managements rhetoric.

I’m remaining circumspect as @20 cents a share i‘m looking at a significant windfall for my family (and as you say a decent capital gain as well - but also 50% discount).

Still haven’t made my mind up on selling or accepting PLS shares.

PLS last full year dividend was 25 cents. At this price, the eventual PLS shares I’d receive would be close to a 6 figure income stream before tax (of course fully dependent on PLS generating adequate free cash flow which can’t happen at this SC6 price).