This looks like a good opportunity if you're confident that the...

This looks like a good opportunity if you're confident that the deal will go through...

Only point to note, however, is that UXC-IPS shares will not be able to be traded unless they are converted to UXC ordinary shares...

... if converted prior to Sept 2010 then shareholder loses the performance bonus entitlement that comes with each UXC-IPS

... if shareholder keeps UXC-IPS shares until automatic conversion to UXC ordinary shares in Sept 2010 they are eligible for all/ any performance bonus but obviously can't sell the UXC-IPS shares in the interim.

Thus the arbitrage opportunity is good - ST opportunity if you convert to UXC ordinary shares, but however will miss out on the performance bonuses...

Given UXC ordinary share price at the moment holding onto UXC-IPS shares for two years (until automatic conversion) not a bad idea anyway to let UXC share price recover from its current lows.