I don't think that's right, they locked in now that the SPA has been executed.
In the event the share price of Saracen falls by more than 15% prior to execution
of the SPA, Saracen would have the right to withdraw the offer and the Transaction would not
proceed.
Not only that SAR sp has been recovering nicely since falling during the lead up to signing of SPA so all looks good to my view.