Ann: DDH1 and Perenti Scheme Implementation Agreement, page-105

It's pretty hard to vote yes to this deal at the moment (just voted no). The implied price is now at a discount to when offer was made. Who knows what exactly explains short term share price movements, but possibly some of the PRN drop is due to fear deal fails and implication no dividend, franking credits and leverage+gearing drop.

The fact that DDH is still moving in lockstep with PRN SP suggests market still pricing it going through, but 50% headcount is a high bar for something DDH management have not sold well. I compare this as a former Swick holder and the sense of relief the DDH deal meant getting rid off OreExplore and it wouldn't just all be guided by Kent, as well as natural synergies between DDH and SWK, which just don't appear here.