In regard to when the gap fills or if it ever does, I'm...

In regard to when the gap fills or if it ever does, I'm really not concerned as the catalyst is AUL turning into WRM where the derivative value is the value of WRM, not AUL shares.

Why is it so undervalued now with such a gap?

- People are concerned the deal won't go through (for reasons above, I'm satisfied for the evident payoff that the risk is low enough where it's significantly asymmetric risk/return)

- AUL shareholders are annoyed at the acquisition given the lack of value add via exploration under AUL management and don't want to wait until June/July for those shares to change to WRM (charts showing that volume is quickly disappearing post announcement, so perhaps a move upwards to close the gap is near)

- Precious metal sentiment has been poor for the last month, and will require a strong rebound for stocks/opportunity's like this to catch wind (when they do, a rerate to fair value will come fast and then sit still at that fair value price)