Ann: Acquisition of HRL to Create New UK North Sea Gas Company, page-58

I have no clue what the opening price and subsequent run will actually be.

The only analysis I have seen or been offered up is the one from BDO which has the preferred value of the shares at $0.0037 and the Market price view trading at already over 10 times value projecting at $0.048 per share, with the minority value for existing non-control shareholders thanks to the significant dilution at $0.037 per share, post-transaction. So KJRAE's view of 5 cents per share appears to me to be valid for the opening, with the forward-looking optimism built-in.

(Please read sections 11-13 of the BDO analysis to realize why they claim this deal to be "not fair" by definition, and the offer price in shares for HRL should be knocked down from the proposed 1 Billion to 750,000,000 to make it "fair" and still a win-win for everybody, still offering Lewis and Matharu more than they could get on the open market for funding and move this forward now. Selfishly, that would put an extra $161K in my pocket instead of theirs, and $2.1MM in the pockets of the Top-20 holders with some straight-forward and quick negotiation).

This is if the market is rational. I'm not discounting the power of hype, hope and belief outside of what BDO already factored in and concluded, and if the price is ramped up even further, I will happily sell with the rest of you.