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.
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