Ann: DVP: DVP & ESS Transformational Transaction, page-21

56 cents per share based on DVP $3.46

52 cents per share (rounded) based on DVP $3.20.

I expect DVP is large enough not to go all the way back to the cap raising price, and in fact will likely stay fairly close to $3.46 as the acquisition by them is a good one that will create a lot of value.

So people selling ESS below 50 cents today are giving up an easy 10-15% in 4 months time.

Opportunity cost etc etc could be argues but seems to much to leave on the table so I will wait.

Also a chance of a superior offer, but somewhat unlikely given management and MIN have voted for the new scheme. Any T/O bid would be a hostile bid.

DVP also looks like a good company with exposure to copper - something I've been thinking about entering anyway. So I haven't ruled out just continuing to hold DVP for the medium to long term. I need to do some more research on them.

Holding DVP would also mean I will not have capital gains on my ESS shares - not tax advice but my understanding is my "entry price" will just convert to DVP at 6.18X and my entry date will be as per the original ESS purchases. I've been through this a number of times with GXY / ORE / AKE where my original Galaxy purchase price is just adjusted each time on the ratio of the merger, and original buy dates are intact. This according to my accountant anyway.

I'm sitting on decent capital gains with ESS so not in a hurry to pay tax on those just for the sake of it.