kah v ext market cap

Hi fellas,

Hope you all had a wonderful Christmas. I have a quick question that you guys might be able to help with. I've been watching KAH for some months now to try to predict what EXT might do. Recently this has become more than a pasttime... Anyway, I not that KAH is still with a Market Cap (MC) of GBP19.4M (or approx AUD48.5M). Now based on the announcement, I can't see why this would be the case. We've all seen the posts that we've posted here stating that this is a good thing for both companies (possibly better for KAH), but on balance a good thing (consolidation is a dirty word though it would seem), and yet KAH remains basically unchanged recently (however since 25OCT06 the sp has risen from GBP14.25 to GBP22.5 or a 57% increase).

So I guess the question is "Why hasn't KAH with a current market cap roughly half of EXT's risen on the recent news?" Could it be because it's not a done deal until it's done?

Cheers fellas,
Kos.