After reading 2.13 of the scheme booklet, it looks like...

After reading 2.13 of the scheme booklet, it looks like Touchcorp holders will have to accept 64% of the Afterpay stock price as at the time of announcement of the merger. Too bad if the TCH SP has risen well above that, which it has, so since the SP is about 1.50 at present, we are not actually receiving a 50% premium at all.

"Immediately prior to the announcement of the proposed Merger, Afterpay Shares were trading at $2.46 and Touchcorp Shares were trading at $1.05. Accordingly,the agreed ratio of 0.64 for Touchcorp Shares represented a premium of 50% to the price at which Touchcorp was trading prior to the announcement whereas Afterpay Shareholders did not receive a premium in calculating their entitlement to Afterpay Touch Group Shares."

Or how do others see it? Perhaps I missed something elsewhere in the Scheme Booklet.