Yes, I would also like to have a better picture of the 'end...

Yes, I would also like to have a better picture of the 'end game'. To me this is the realisation of value in the SYR holding. The potential of the deals being evaluated is more of a worry than a positive point for the company.

While riding the bike yesterday I had the following idea which I am sure is full of holes, but is an example of the type of thinking I would like canvassed between management and shareholders.

Concept: To realise the value of the SYR shares held by CSE in a win-win way.
1. Syrah takeover CSE in a pure script play. They issue 11m SYR shares to the CSE shareholders as payment for the company. This gives CSE shareholders the exposure to SYR that they effectively have now, but at full value.
2. Syrah cancel the 11m SYR shares that they obtained in the takeover. Apart from administration this makes the takeover cash and cost free to Syrah.
3. Mineral Sands assets get floated in a new company headed by Tom Eadie. This raises cash for Syrah, puts Tom in charge of his babies, and leaves a clean corporate structure.

A benefit of removing the 11m SYR shares from CSE hands is that they become free float, moving SYR significantly closer to qualification for ASX200 listing.

Would CSE shareholders get rollover relief with this structure? If so it would be a bonus. Personally I would prefer to pay tax and have the value of the SYR shares realised, considering CSE is trading at a roughly 30% discount to NAV at the moment.
Also, in the expectation of future capital gains, the gains in the CSE structure are taxed at the full corporate rate while in my hands are eligible for a 50% discount after 1 year.

As mentioned, I am sure there are reasons this won't work but I would like to know WHY NOT and what other alternatives are considered to achieve the same objectives. It was mentioned that an in specie distribution of SYR shares to CSE shareholders had significant tax problems but I have not seen any explanation of what the problems are.

At the moment CSE is 100% a play on the value of the SYR holding. The company should recognise this and focus on the value realisation rather than finding new deals. Clearly the discount to NAV is saying the market doesn't place any value on this potential! Better to let the potential sit in a pure mineral sands company.

Interested in others thoughts of how to get the value out of CSE.

Cheers