Pardon a newbie here, the offer states: 1 GXY = 1.65 GMM 1 GMM =...

Pardon a newbie here, the offer states:

1 GXY = 1.65 GMM
1 GMM = 0.605 GXY

Disregarding dilution, overall sentiments, etc shouldn't GXY be trading somewhere near the 0.55-0.60 mark instead of 0.465 at present?

Once GMM shares are transferred across into GXY shares, when will 50% CGT apply when disposing the new GXY shares? Will it be say 2015 when you first acquired the GMM shares, or from the day GMM shares are changed over i.e. 1st August+ 12 mths.