GCY holders get Firetail shares as well, but only 10% of the Firetail entity will be held by GCY holders despite GCY holders holding ~64% of the GCY/FFR merged entity. Thereby the Firetail shares you get as a GCY holder is probably negligible.
So yes, if FFR and GCY are at the 0.34:1 ratio, I would rather buy FFR for that reason alone.
Ann: Trading Halt, page-135
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