Excellent analysis in my view with a minor qualification. I hold NOT for long term value, not for this deal, and quite frankly I think NOT is out of ammo as of Dec.1 . What more can they offer ? More dilution of my NOT shares if required would really scare me. Not has no significant cash to offer. And NOT cannot offer up a third party deal without effectively simultaneously putting itself into play. So, I think it effectively ends for NOT on Dec.1 if there is a real take-out bid. As a retail NOT holder, I hope the bid fails early and we get on to proving up more Ni and Au and any other RoF hidden gems. Any focus away from developing the full value of the property leads me to think non-institutional holders of NOT are otherwise going to be lined up for progressive outward dilution.