Value placed on Elkedra via Vaaldiam merger is $AUS 55.48...

Value placed on Elkedra via Vaaldiam merger is $AUS 55.48 mill
Production projections from annual report was 30000 carats at $US400/carat. Actual production for first year was 21694 carats at an average price of $US 389/carat, which is about $US 8.5million.

Doesn't seem like the merger is factoring in any likely efficiencies and improvements to come in production. Remember the bottlenecking (and imagine all the other teething problems we didn't hear about), which must have affected production.
Surely the figures can only improve from here and Vaaldiam picks itself up a bargain, and our faith in Elkedra gets absorbed and diluted into a diamond producing bemoth that may or may not be successful.
I was expecting a significant rerating for Elkedra once full production was underway, and now we will never know.
Hopefully not to late for a counter offer from god knows where, because I don't think Elkedra has been properly valued