As I understand, HHL gives up 73% of its value to trade for 27%...

As I understand, HHL gives up 73% of its value to trade for 27% of Pengana's value.
HHL manages $0.93 bn funds with net fees margin @ 1.56% and its recent funds size seems shrinking.
Pengana manages $2.13 bn funds with net fees margin @ 1.83% and its growth momentum is very strong.

Do a very rough math:
HHL gives up sth like 0.93*73%= $0.6789 bn
to trade for Pengana's $2.1*27%= $0.5859 bn

Not completely equal and HHL seems to pay a 16% premium but considered Pengana's strong FUM growth momentum and fatter fees margin, I like this deal much better than SOL's previous $2.20 offer and much more friendly to the current HHL's shareholders.