Ann: Calculation of Scrip Consideration and Cash Consideration, page-3

People purchasing and selling TGG shares now will receive the scrip consideration, not the cash consideration - so they are likely valuing the TGG shares on that basis.

Based on today's closing prices, the effective value of the scrip consideration is (WGB price + WGBO price) * Exchange Ratio = ($2.64 + $0.098) * 0.625 = $2.71. That is still somewhat above TGG's trading range today of $1.625 to $1.66.

NB. This $2.71 figure excludes any tax payable on capital gains arising from the transaction, which will vary based on each holder's individual situation.