Valuing MEP: The Poochera JV, page-2

ADN is trading at 7c which gives it a fully diluted MC of ~$155m. ADN has 75% of the Poochera Project with MEP owning the other 25%. MEP has a MC of ~$17m and an EV of ~$12m.
Buying MEP at 4.8c gets you into Poochera at a 75% discount. Hard to believe.
There are other assets to take into account e.g. ADN owns 100% of Mt Hope & MEP has the Jericho JV with OZ Minerals but the underlying value argument is compelling.
Why anyone is buying ADN in preference to MEP is beyond me.
Two important clauses in the JV agreement to be aware of:
1. any financing deal that ADN negotiates flows thru to MEP; and
2. any bidder for ADN is forced to make the same offer for MEP.
I happen to believe (along with more knowledgeable people than me) that either Sibelco or Imerys will launch a takeover bid before the DFS is released at the end of the year.
The value of the halloysite is astronomical and even a 20c bid for ADN will be cheap in their eyes.
That equates to a bid valuing MEP at ~$145m, ~40cps!