I think Delphi no doubt felt the same ... they bankrolled KIN's move on DCN which played out so well, and now they have rescued their PNX investment ... but I don't believe Delphi throw good money after bad, so that is not all there is to it. Without a foothold away from Leonora PTN had assets that could look stranded, given the limited milling options. They no longer have the leverage DCN blocking stake gave them. If nothing else the merger makes it more likely PTN can sell more Cardinia / Mertondale ore on good commercial terms.
Lets see what they have planned. I have an optimistic bias I think .. have held KIN since I met some of the old guard in the White House hotel restaurant and they told me I could detect on their ground. Since then a bit like Charley Brown trying to kick the footy while Lucy holds it .. if anyone remembers that.
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