The maths seems to make sense from a company ownership point of...

The maths seems to make sense from a company ownership point of view. For instance, 1.2 million RLE shares = ~ 0.34% of all of Real Energy and the equivalent 400,000 shares of Pure will be about 0.17% of the new entity so about half as much ownership post-merger.
Similarly, 1.2 million SXA shares are ~ 1.07% of all of Strata-X and the same number of Pure shares will amount to ~0.52% ownership of Pure Energy, again half as much ownership. This is what you would expect from a merger where no premium has been applied.
It feels like a Likelihood vs Consequence trade-off for anyone who has done a Risk Assessment. The consequence of a successful works program has decreased but that is merely the price we are paying for an increased likelihood of that situation occurring.
Hope what I have said makes sense.