Ann: Becoming a substantial holder , page-6

Hard to know, Reiner. "Cheap" is dependent on the ratio, not the price, as SLR has fallen down, and PRH with it.

There are two outcomes, as I see it: SLR and PRH fall so low that PRH voters go for the deal, feeling a bit desperate; or SLR and PRH rise so high that PRH holders/voters feel like the takeover deal has value, and is worth voting for. It does not look like any kind of done deal so far.

Originally, the offer priced PRH @ >28c. Now, with darker markets, PRH is @ 14.5c. I guess there is still a 30% premium on PRH (is this right? My maths not so good), no matter what price SLR and PRH go to, and I see that POG is up again overnight. We saw yesterday what SLR can do on the markets, with it being up 10% intra-day before a fall back- can it repeat this performance again on Monday?

Scrip offers are always awkward. There is always the possibility that PRH holders stag profits and do a sell-down of SLR shares when they get them. IMIU gave out in-specie shares of CAJ and CAJ has lost >30% since. :/ PRH is probably too small to have this kind of effect on SLR.

Anyway, Peter Sheppeard seems like a good analyst. SLR and PRH are having a fascinating little dance here. POG is ruling it all.