Ann: Proposed Merger with Silver Lake Resources , page-5

re: Ann: Proposed Merger with Silver Lake Res... I see the offer is 0.0882 Silver Lake shares for every 1 Phillips River share. At SLR's last close at $3.55 that is equal to 31.31 cents a PRH share. That theoretical price of 31.31 cents can quickly alter based on SLR's share price.

For example, in September SLR were $2.10. That is equivalent to just 18.52 cents a PRH share. But in September last year PRH traded at 43 cents a share!!