Ann: Results of Scheme Meeting, page-69

Thank you.

so whilst this is a gross generalisation (settlement dates and many other variables I'm glossing over),

1 million TPD at market close of 0.19 = $190,000

now becomes

482,800 STX at .385 = $185,878
1,560,000 TMK at .009 = $14,040
780,000 TMKO at .001 = $780

which is a touch over $200k, or a 5% premium to the TPD market price. Hence why some were saying TPD appeared to be offering an arb opportunity on Friday.

I'm not even aware of when TPD de lists. I took a holiday from HC as I was learning nothing from the mud being slung in every direction.

things seem somewhat clearer now. And happy for someone to correct my Swiss cheese above.