that makes alot more sense. so the quoted price on LSE...

that makes alot more sense. so the quoted price on LSE (i.e.CZA.LN per bloomber is essentially 3.55pence, not pounds?) probably my confusion. However the SA listing im pretty sue says 80ZaR which converted is 8 dollars AUD. So clearly the listing must actually be 1/100th of a Zar - perhaps you can clarify what unit of measurement the SA listing is at Beaver?

Bobsa - yeap, ignore beaver comment , the listing price thing was jst clarification on my end on reading the price.

Yes, if you want to look at it that way then you can technically assume that any price above 0.20cents that you pay for UNV is your cost base for CZA.

If the deal goes through and you can exit CZA shares in the future at the current market price (or even 5c) then yeap, you would make a profit on the difference of 5c - whatever price above 20c an UNV share you buy at?
i.e. 0.205 UNV share would mean you essentially paid the 0.5c for CZA shares.

THe difference is obviously the market price for the fact that the deal has not yet gone through. Obviously once this does we'll see the market price shoot up to 25c or so i'd imagine as arbitrage is eliminated. If you knew for certainty the deal would go through you could mortgge the house and make a few baggers easily. Of course nothing in mr market is certain until it's inked on paper to them.