Advantage is it's close to them, stocks have transfer their O/S held in one registry to another listed on a different exchange. If this is what they are planning to do, then I can't see them doing a DOCA to another entity where they benefit from it and the ordinary share holders get only a proportion of their shares after relisting or none.
This happen last time as they had very high COP (bidders mention they couldn't see this changing so it affected the offer price in the first DOCA), debt of $450M USD and the interest on this debt that MBN had to pay was $40M p.a. But this time they have disclosed their low COP, and debt is down to $220M USD (where more than half belong to the creditors/substantial share holders from the $115M SCSN + $35M USD on the compound interest for the 3 year loan) and only had to pay the $3M p.a interest for the $45M Branco loan.
The substantial share holders who aren't the note holders will know they got shafted big time if this happen (and they've virtually eliminated a DOCA already from the VA report probably due to them) so if the mine isn't sold at a very decent return, I think they can only transfer to TSX, debt will stay the same but the principle loan will increase from $115M to $150M with the interest on this loan renegotiated, share structure will stay the same but pps will be converted from AUD to CAD.
I think the MC should be around $200M AUD so pps would have triple with PoN at $5.5US/lb, others have triple when PoN climb from $4.5 to $5.5US/lb in the last 6 month.
