That will depend on one's view of the STX SP relative to its...

That will depend on one's view of the STX SP relative to its intrinsic value, and the reference price used in the scrip offer. Assuming the reference price used in the deal is 44c for STX, and we offer 22cps for TPD (1 TPD for 0.5 STX), we will be issuing 330mn new STX shares to TPD holders. It means TPD holders will end up with 11.5% of the merged entity. So the question is... does 45% of Walyering + Condor + the rest of TPD's landholdings - Gurvantes = 11.5% of 50% of WE + SE + OH + 55% of Walyering + all the rest of our landholdings and hueg targets such as Arrino and Karthathini?

If one's intrinsic value for STX is 80cps, then we are essentially using an undervalued scrip to pay for a fair or overvalued scrip and the true cost of the deal is not 134mn, but 264mn. So there is plenty of upside for TPD holders but not so much for STX holders.

Just MHO as always.

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