It is neither. They were indicative pricings at a point in time.
The STO price is live minute by minute and that is what determins OSH price.
The offer is simply a ratio of STO share to OSH shares. So the actual price is based on STO price at any point in time.
If STO price goes up so does OSH as they are locked in teh ratio of the offer.
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Ann: Revised Santos proposal intention to unanimously recommend, page-37
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