On the surface at the time they paid NTA plus approx 10%. So that did seem high but the SOL price was north of $35 and widely thought to be a bit high. The deal was struck on the basis of a pegged SOL price of $31. so if you take the current price SOL is lower than NTA equivalent of MLT because the current price is less than 90% of the pegged price of SOL. Personally I dont think they psid too much for the following reasons- to raise this sort of capital in SOL would have cost at least as much in a Capital raising. The deal was very large and transforming for SOL. They now have a substantial portfolio of equities and a great balance between operating assets and passive investments. The bad thing is that I think management never took into account that a large grouping of shareholders would want yo sell their shares and reinvest in a traditional LIC. So what we have experienced is a steady stream of selling that has seemed to slowly lower the share price. That in turn probably has made many MLT holders get uncomfortable as their premium has evaporated. I think it is a buying opportunity so have slowly bought a few more between $25 and $26.
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