Ann: Presentation - Red 5 and Silver Lake Resources to Merge, page-192

Ha, what?

SLR sp will roughly be 3.43 times whatever RED sp is from day to day. There is limited arbitrage as there is no fixed amount to arbitrage against.

The sp may diverge if market senses the deal wont go ahead. I think this is a real possibility as it doesnt make sense that SLR is getting taken over at a discount. Never seen this happen before. The narrative that SLR is in trouble and needs RED due to short mine life is suspect (ie. BS)

So far the market doesn't like the deal, and a rerate is wishful thinking. Why invest in a CEO that doesnt pay dividends and instead does a deal like this?