merger of equals, page-12

It looks more like HZN is the senior party (CEO, more directors and [I believe] CFO from HZN. ROC the ongoing company possible because
a) ROC retained losses of over $500m
b) ROC name recognition in Asian Bid Rounds
c) change of control allows redemption of bonds
d) other?

Looks good to me.

Both companies are 40% to 50% below consensus targets = undervalued? So 10 day VWAP is probably the only way to get agreement.

Benefits of Combined Company.
More diverse spread of assets = reduced execution risk.

Growth
The financial strength (balance sheet and cash flow) of the combined company will allow
-ROC can pursue larger and potential more robust/profitable deals in the Asian region.
-HZN to maintain a larger interest of the eventual downstream PNG LNG development.

Share Demand
The larger market capitalisation ($800 million plus any rerating) of the combined company will attract interest from larger fund managers from Australia and Asia.

HZN's largest holder, IMC Group, is at just over 20%. IMO, IMC is likely to buy to maintain 20% in combined company.

Any rerating would trigger short covering.