Probably because PLL's got other commitments for its existing...

Probably because PLL's got other commitments for its existing and projected cash resources.

The most compelling option would be a merger/script takeover because it wouldn't drain cash resources however even this is doubtful. From a practicality viewpoint, given the number of retail shareholders in SYA hitting 90% in a takeover would be difficult. Pretty much what-ever was offered, there's a group over at SYA that will think its worth somewhere between more and a lot more. A scheme of arrangement would probably be the only way that would feasibly work as the acceptance threshold is lower, although I'm not sure around the USA settings for Scheme's of arrangement. That would need the SYA board endorsing any offer and at this stage I don't really know what the board of SYA are thinking.

From a PLL viewpoint, it would be a lot of dilution in shares for a modest increase in resources under PLL's control. If PLL were to do it, I think they would wait for a while so that various share price weighted averages come down and any value agreed for SYA would be nearer to these without paying a big premium.