couldnt resist this one, page-4

risky bid but a very clever one. SPT are hoping that their share price will increase through the bid process to complete the transaction with equity. As the SPT SP increases, the script part of the bid becomes more attractive, not to mention the nil CGT impact.

If SPT's price marches higher, this will be a winner. At SPT of $3.77, the 3 alternates are equal. At a SPT SP of $4.00, an all script offer alternative is better by $.10 & $0.20 per share, meaning a well informed investor should go for the script. This will eliminate the need to raise cash through debt or via the equity market.

Final ownership b/w SPT & PRG shareholders:
- If the deal is all script - ownership will be 60/40.
- If $1.5 of cash - 66/34 .
- If $3.0 of cash - 75/25.

Interesting to see how this plays-out...