AVR 2.97% $12.15 anteris technologies ltd

Edwards idea of “lifetime” management., page-18

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    Can anyone riddle me this. SIO has 11.5% of AVR but its stake is worth 49% of MSAC. The whole of AVR ie 100% after merger if it is a one to one merge is only worth 50% of MSAC. SIO for its 11.5% of AVR will end up with 24.5% of MSAC. I can't get my head around this.
 
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