I think this is a joke. You end up with 38.5c in the merged...

I think this is a joke. You end up with 38.5c in the merged company if you get 100% acceptance, and that's taking into account the 10c of "theoretical" value you get for Chalice shares.

CBH needs PEM's mill at broken hill. PEM does not need Rasp. This is a paltry offer for PEM by CBH and shouldn't, in my opinion, entice anyone to sell.