Smart thought Sunburnt - I am guessing Les has some plans along...

Smart thought Sunburnt - I am guessing Les has some plans along these lines. SLR must have to have some avenue to utilise the available accrued tax losses of PRH which must are quite significant. Of course to do this PRH has to first generate some taxable income which means first recapitalising PRH and then aquiring already or potentially profitable projects.

The option still exists of merging PRH and SLR as a way of getting hold of these tax losses.

I am not an accountant but it always seemed more prudent for SLR to stick with their original merger proposal but the way it has transpired as an asset sale means that Les can potentially still have his cake and eat it too....and at a lower aquisition cost.

The market is obviously rating some value to the PRH shell.

The ability to be on the PRH register by the 13th of JULY and receive the SLR shares (as a dividend) meant you had to aquire them in time to allow for the 3 working day settlement period.....hence the "ex dividend" share price plunge.