Ann: Updated Proposal from IPH received by Xenith, page-8

A 2.3% gap when XIP is at $2.10 to the IPH offer price. The Scheme should conclude in mid July.

Better than earning interest in a savings account.

I'm considering whether to borrow funds and soak XIP shares at $2.10 and arbitrage. Claim the interest as a borrowing expense and as a tax deduction. Then have IPH acquire the XIP shares without paying any brokerage fees.