Not sure about your accounting skills there? it's a 4:1 scrip + 5cps so the cash is not factored in to the valuation of the share price?As the original offer currently stands, the valuation is actually less attractive to EXU shareholders as time goes on; not sure if its some heavy's in RMS taking advantage of arbitrage or similar.
RMS closed at 38.5c today so divided by four the real price of EXU would be 9.625cps at today's valuation if their initial offer stands i.e. a 28% premium to the SP at time of the T/O (7.5c) or ~30% less than the cornerstone investment made by ALK.This is why the cash component to the offer is important to shareholders as it protects the baseline of our initial investments.
I was always of the opinion I'd consider an offer between 17cps - 20cps, and depending on Mace I'll see how we go with this. Something in the vicinity of 3:1 and 5cps I'd probably accept.
