Jack, perhaps that's partly why UJO is soaring so much: '...RBD have ALREADY fully funded and deployed £17M to Rathlin for the 12 month work program. UJO have not... ' So possibly a placing into the liquidity over at UJO?
Rubey, your figures are the same as mine. Even with dilution from a succesful DELT merger you would still get 2.62 times the exposure to WN in buying RBD over UJO at the current SPs and RBD would have £12M of additional cash and a load of N Sea assets to boot.
It could be that the surge in the silver price has caused a sudden wave of interest that caught SA MMs off guard causing a monumental short squeeze. Not many ways to get silver exposure on the LSE so worth a few quid.
Given market cap is only about £6M, the fact they have over 1kg/t silver grades and silver is in a massive bull run it's worth having a go here anyway.