The valuation of both RSH and ADR has been massively overestimated by 50% in this bid and the market know this, hence why the pps isn't $15.6c for RSH and 2.2c for ADR which normally happen in a bid.
But this market valuation will be a massive benefit for those who participated in the 1B shares at 1.5c since if the bid for a company which only has a MC of $14M (still WTH?? Why???) goes through they will get RSH shares worth 2.2c of ADR which is an instant 50% profit from their purchase price.
Ann: Proposed issue of Securities - RSH, page-24
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