To suggest a benefit is the potential to get into the ASX 100...

To suggest a benefit is the potential to get into the ASX 100 doesn't cut it with me. It's certainly not a substitute for good commercial desicion making, which I don't see this merger as being for AWE shareholders in particular. ARQ's property just isn't worth the dilution and even the risky upside stuff is limited given most of the high risk high reward stuff is being spun off.

My reading of the merger presentation (though I might be wrong) is that to have a chance of obtaining ASX100 status the merged company would need to increase its market value by a further 7% above the market cap. Both companies fell today, hardly surprising, which makes that likelihood further away atm.