ggp vs akw

Did a bit of research into the "play" last night. I thought I'd share. Please feel free to add if I've missed something.

AKW
- owns about 107M shares in Moderna (Value=$3Million)
- selling their other major asset for $8M to GGP
- don't think they have much cash and in fact did a placement a few months ago for $500K so seem a bit cash strapped but asset rich
- only debt seems to be about $2.7M of convertible notes at 25c
- planned rights issue for 80 million shares at 10c? coming up in the near future?
- currently have about 47M shares ate 10c each
- got the impression that are not the best company - woundn't like to hold long term / be stuck in a position

The play
- AKW plans on doing an in specie distribution of GGP shares to holders
- my initial thought was buy AKW get abot 3 shares of GGP for 10c and the sell out of AKW for whatever I can get. EASY! Too easy??
- If they do the rights issue then there will be probably 1 share of GGP distributed per share. 3c gain but may lose it if AKW drops below issue price. Not so good

GGP
- I've thought for a while GGP is very undervalued and this deal makes it more so
- however 146M shares in loose hands may put pressure on the share price
- will SP rise from current activities / perceived value before loose shares hit the market?

Other notes
- Moderna (AKW being a major share holder) is a party in Padre Island. Freeze from Bankruptcy lifting.
- AKW had a deal with the Texas operator that he could have back in rights. He may be the third party in the deal - taking a working interest early and also GGP subcontracting Texas operations to him. I guess he's already planed the campaign.