other bidder assessment, page-19

"For us to get $1.38 using the STO Bid Ratio 0.06803 what would the STO sp have to reach - Computer Says $20.29"

The STO initial bid ratio is much better expressed as 14.7 ESG shares in exchange for 1 STO share. IMHO it needs to be improved to 10 ESG shares for 1 STO shares, or better, to ensure success for Santos/TRU...... effectively making it very tough for another bidder to gazump them.

The indicative SOA price for ESG shares at the time of announcement was 90 cents(based on a 14.7:1 scrip swap). At a 10:1 scrip swap that would have been $1.323. Not far different to your $1.38.

Since the SOA was announced ESG is effectively de facto STO scrip.... so it is hard to see them moving out of lockstep any time soon. Their values are intertwined and will be so until this whole saga is resolved.

This picture succinctly sums up the situation:-