8 pence per share is a market cap of GBP$24m before the merger....

8 pence per share is a market cap of GBP$24m before the merger. The additional assets from the merger should only increase the market cap and not decrease it, otherwise the merger would make no sense. But whether the market cap will increase by the amount of shares issued to PLA holders, I don't know.

If it was a 1 for 1 merger, then the market cap should increase to GBP$48m (AUD$75m), half of the market cap then owned of ex-PLA holders.

When PLA ceased trading, our market cap was $34m. So if we get a 1 for 1 merger, we would actually be in a better position than when we ceased trading. But anything less then 1 for 1 and we're being hit with a discount.

We can only wait and see what the merger ratio is though.