don't do it!

Apart from the offer being a ridiculous, please consider very carefully the capital gains tax implications of any hybrid offer such as this. It would be a complete nightmare to say the least.

In addition, in the target statement they use the HK wah nam shares as the valuation. That is not acceptable for Australian investors who want to invest in Australian companies. I don't have, nor want the hassle of finding a broker in Hong Kong. Stuff that.