I have traded between all three on a regular basis. I find that it does not pay to put a cash difference but work in percentages. I have different percentages depending which way I am going ie from ADI to EKA or EKA to ADI.
I am happy to go from EKA to ADI when EKA is priced 50% ADI, but I want it to be priced at 40% to go from ADI back to EKA. The reason being the cash and other assets held by ADI and the fact that you must have some advantage to make the trade a profitable one.
I could never understand why I could trade 1 for 1 at one stage recently.
EKA Price at posting:
6.5¢ Sentiment: Hold Disclosure: Held